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Sun Communities

NYSE:SUI
Snowflake Description

Established dividend payer with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SUI
NYSE
$12B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Sun Communities, Inc. is a REIT that, as of March 31, 2019, owned, operated, or had an interest in a portfolio of 379 communities comprising over 132,000 developed sites in 31 states and Ontario, Canada. The last earnings update was 54 days ago. More info.


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SUI Share Price and Events
7 Day Returns
0.5%
NYSE:SUI
1.9%
US REITs
0.1%
US Market
1 Year Returns
35.1%
NYSE:SUI
14.3%
US REITs
1.2%
US Market
SUI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Sun Communities (SUI) 0.5% 3.2% 12.1% 35.1% 79.7% 160.6%
US REITs 1.9% 2.5% 6% 14.3% 11.6% 28.1%
US Market 0.1% 0.6% 0.9% 1.2% 36.7% 37.9%
1 Year Return vs Industry and Market
  • SUI outperformed the REITs industry which returned 14.3% over the past year.
  • SUI outperformed the Market in United States of America which returned 1.2% over the past year.
Price Volatility
SUI
Industry
5yr Volatility vs Market

SUI Value

 Is Sun Communities undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Sun Communities to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Sun Communities.

NYSE:SUI Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:SUI
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.493 (1 + (1- 21%) (28.82%))
0.736
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:SUI using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Sun Communities is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Sun Communities is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:SUI DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2019 405.57 Analyst x4 377.28
2020 447.60 Analyst x4 387.34
2021 497.90 Analyst x1 400.81
2022 537.68 Est @ 7.99% 402.65
2023 572.15 Est @ 6.41% 398.58
2024 602.52 Est @ 5.31% 390.45
2025 629.84 Est @ 4.53% 379.69
2026 654.99 Est @ 3.99% 367.31
2027 678.66 Est @ 3.61% 354.04
2028 701.38 Est @ 3.35% 340.37
Present value of next 10 years cash flows $3,798.50
NYSE:SUI DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $701.38 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$15,111.84
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $15,111.84 ÷ (1 + 7.5%)10
$7,333.54
NYSE:SUI Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $3,798.50 + $7,333.54
$11,132.04
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $11,132.04 / 92.96
$119.75
NYSE:SUI Discount to Share Price
Calculation Result
Value per share (USD) From above. $119.75
Current discount Discount to share price of $129.33
= -1 x ($129.33 - $119.75) / $119.75
-8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Sun Communities is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Sun Communities's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Sun Communities's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:SUI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.31
NYSE:SUI Share Price ** NYSE (2019-06-18) in USD $129.33
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 33.34x
United States of America Market PE Ratio Median Figure of 3,092 Publicly-Listed Companies 17.63x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Sun Communities.

NYSE:SUI PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:SUI Share Price ÷ EPS (both in USD)

= 129.33 ÷ 1.31

98.66x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sun Communities is overvalued based on earnings compared to the US REITs industry average.
  • Sun Communities is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Sun Communities's expected growth come at a high price?
Raw Data
NYSE:SUI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 98.66x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
18.9%per year
United States of America REITs Industry PEG Ratio Median Figure of 142 Publicly-Listed REITs Companies 2.49x
United States of America Market PEG Ratio Median Figure of 2,126 Publicly-Listed Companies 1.53x

*Line of best fit is calculated by linear regression .

NYSE:SUI PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 98.66x ÷ 18.9%

5.23x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sun Communities is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Sun Communities's assets?
Raw Data
NYSE:SUI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $35.87
NYSE:SUI Share Price * NYSE (2019-06-18) in USD $129.33
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.87x
United States of America Market PB Ratio Median Figure of 5,244 Publicly-Listed Companies 1.79x
NYSE:SUI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:SUI Share Price ÷ Book Value per Share (both in USD)

= 129.33 ÷ 35.87

3.61x

* Primary Listing of Sun Communities.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Sun Communities is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Sun Communities's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Sun Communities has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

SUI Future Performance

 How is Sun Communities expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
18.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Sun Communities expected to grow at an attractive rate?
  • Sun Communities's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Sun Communities's earnings growth is expected to exceed the United States of America market average.
  • Sun Communities's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:SUI Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:SUI Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 18.9%
NYSE:SUI Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 5.6%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 6.3%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:SUI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:SUI Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 188
2020-12-31 1,273 167 2
2019-12-31 1,213 139 2
NYSE:SUI Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 1,148 385 109
2018-12-31 1,121 363 105
2018-09-30 1,091 333 103
2018-06-30 1,036 300 81
2018-03-31 1,002 270 73
2017-12-31 979 258 65
2017-09-30 955 275 56
2017-06-30 937 266 50
2017-03-31 890 257 31
2016-12-31 831 241 17
2016-09-30 781 226 107
2016-06-30 717 219 117

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Sun Communities's earnings are expected to grow by 18.9% yearly, however this is not considered high growth (20% yearly).
  • Sun Communities's revenue is expected to grow by 5.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:SUI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Sun Communities Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:SUI Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 1.90 1.98 1.83 3.00
2019-12-31 1.63 1.72 1.52 3.00
NYSE:SUI Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.31
2018-12-31 1.29
2018-09-30 1.29
2018-06-30 1.03
2018-03-31 0.95
2017-12-31 0.85
2017-09-30 0.75
2017-06-30 0.70
2017-03-31 0.44
2016-12-31 0.27
2016-09-30 1.73
2016-06-30 2.02

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Sun Communities will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Sun Communities's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Sun Communities has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

SUI Past Performance

  How has Sun Communities performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Sun Communities's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Sun Communities has delivered over 20% year on year earnings growth in the past 5 years.
  • Sun Communities's 1-year earnings growth exceeds its 5-year average (48.3% vs 21.9%)
  • Sun Communities's earnings growth has exceeded the US REITs industry average in the past year (48.3% vs 16%).
Earnings and Revenue History
Sun Communities's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Sun Communities Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:SUI Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 1,148.31 108.87 99.32
2018-12-31 1,121.27 104.66 97.16
2018-09-30 1,091.10 103.08 94.03
2018-06-30 1,035.96 81.34 91.33
2018-03-31 1,002.31 73.40 88.69
2017-12-31 978.88 64.57 86.69
2017-09-30 955.30 55.66 84.98
2017-06-30 936.86 50.43 82.74
2017-03-31 890.02 30.52 78.95
2016-12-31 830.74 17.48 73.41
2016-09-30 780.75 107.13 66.74
2016-06-30 716.93 116.84 62.10
2016-03-31 692.09 136.55 57.54
2015-12-31 672.51 135.57 54.93
2015-09-30 626.45 34.63 53.85
2015-06-30 571.85 28.69 48.56
2015-03-31 525.07 21.35 45.63
2014-12-31 483.22 22.25 42.62
2014-09-30 466.30 34.94 40.40
2014-06-30 443.12 16.23 39.27
2014-03-31 424.77 12.46 36.94
2013-12-31 422.16 10.47 35.85
2013-09-30 400.62 9.10 33.52
2013-06-30 376.42 4.70 32.44
2013-03-31 360.59 5.33 30.31
2012-12-31 338.34 5.02 28.35
2012-09-30 323.41 4.17 28.77
2012-06-30 314.96 4.44 28.94

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Sun Communities has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Sun Communities used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Sun Communities has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Sun Communities's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Sun Communities has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

SUI Health

 How is Sun Communities's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Sun Communities's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Sun Communities is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Sun Communities's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Sun Communities's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Sun Communities Company Filings, last reported 2 months ago.

NYSE:SUI Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 3,252.34 3,471.34 21.95
2018-12-31 3,230.91 3,124.30 50.31
2018-09-30 3,286.44 3,004.93 113.56
2018-06-30 2,755.73 3,364.08 20.05
2018-03-31 2,678.56 3,129.44 15.15
2017-12-31 2,706.75 3,079.24 10.13
2017-09-30 2,806.82 3,003.43 137.45
2017-06-30 2,805.02 3,018.65 241.65
2017-03-31 2,424.32 3,140.55 10.92
2016-12-31 2,429.17 3,110.04 8.16
2016-09-30 2,474.96 3,102.99 69.83
2016-06-30 2,177.45 3,340.33 31.44
2016-03-31 1,970.98 2,362.45 410.41
2015-12-31 1,619.38 2,336.30 45.09
2015-09-30 1,327.95 2,557.55 23.92
2015-06-30 1,415.78 2,381.56 11.93
2015-03-31 1,381.32 2,248.61 124.88
2014-12-31 940.15 1,832.09 83.46
2014-09-30 913.51 1,393.94 259.15
2014-06-30 571.60 1,445.78 7.62
2014-03-31 565.78 1,424.83 9.31
2013-12-31 383.54 1,492.92 4.75
2013-09-30 419.70 1,408.41 4.96
2013-06-30 439.12 1,372.06 6.49
2013-03-31 461.57 1,357.37 61.05
2012-12-31 212.99 1,453.96 29.51
2012-09-30 152.82 1,272.12 38.72
2012-06-30 29.86 1,311.29 4.50
  • Sun Communities's level of debt (106.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (251.8% vs 106.1% today).
  • Debt is not well covered by operating cash flow (11.2%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Sun Communities's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Sun Communities has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

SUI Dividends

 What is Sun Communities's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.32%
Current annual income from Sun Communities dividends. Estimated to be 2.39% next year.
If you bought $2,000 of Sun Communities shares you are expected to receive $46 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Sun Communities's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Sun Communities's dividend is below the markets top 25% of dividend payers in United States of America (3.72%).
Upcoming dividend payment

Purchase Sun Communities before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:SUI Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 185 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:SUI Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 3.26 2.00
2020-12-31 3.14 6.00
2019-12-31 3.00 6.00
NYSE:SUI Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-28 3.000 2.350
2019-03-06 3.000 2.492
2018-11-27 2.840 2.656
2018-08-28 2.840 2.811
2018-07-26 2.840 2.859
2018-04-24 2.840 2.967
2018-04-23 2.840 3.106
2018-02-22 2.840 3.165
2018-02-21 2.840 3.293
2017-10-24 2.680 2.957
2017-07-27 2.680 3.027
2017-07-26 2.680 3.025
2017-04-27 2.680 3.081
2017-02-23 2.600 3.184
2016-11-01 2.600 3.424
2016-08-02 2.600 3.353
2016-04-26 2.600 3.582
2016-02-23 2.600 3.762
2015-10-27 2.600 3.901
2015-07-30 2.600 3.861
2015-04-23 2.600 4.061
2015-03-02 2.600 3.923
2015-02-24 2.600 3.859
2014-09-17 2.600 4.399
2014-06-18 2.600 4.980
2014-03-20 2.600 5.616
2013-12-18 2.520 5.638
2013-09-19 2.520 5.897
2013-06-17 2.520 5.304
2013-03-21 2.520 5.012
2012-12-21 2.520 5.751
2012-10-25 2.520 6.377
2012-07-26 2.520 5.599
2012-04-26 2.520 5.838
2011-12-15 2.520 6.256
2011-10-03 2.520 7.001
2011-07-01 2.520 6.802
2011-04-01 2.520 6.722
2011-01-03 2.520 7.443
2010-10-01 2.520 7.568
2010-07-01 2.520 8.772
2010-04-01 2.520 8.933
2010-01-05 2.520 12.479
2009-10-01 2.520 13.189
2009-07-01 2.520 15.196

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Sun Communities's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (159.5x coverage).
X
Income/ dividend checks
We assess Sun Communities's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Sun Communities afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Sun Communities has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

SUI Management

 What is the CEO of Sun Communities's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Gary Shiffman
COMPENSATION $9,193,778
AGE 64
CEO Bio

Mr. Gary A. Shiffman has been the Secretary of Bingham Financial Services Corp. since 1997 and as its Chairman of the Board since August 1996. Mr. Shiffman has been an Executive Chairman of Sun Communities Inc., General Partner of Sun Communities Operating Limited Partnership since July 2008, as Chief Executive Officer since 1994 and served as its President from July 2008 to February 12, 2014. Mr. Shiffman served as the President of Sun Home Services Inc., a subsidiary of Sun Communities Inc., until February 12, 2014. He served as the President of all other corporate subsidiaries of Sun Communities Inc. He served as an Executive Officer of Sun Communities. Mr. Shiffman has been actively involved in the management, acquisition, construction and development of manufactured housing communities and has developed an extensive network of industry relationships over the past 18 years. He has overseen the land acquisition, rezoning, development and marketing of numerous manufactured home expansion projects. He has an extensive experience in the debt and capital markets and retains significant interests in a diverse portfolio of real estate assets. Mr. Shiffman has over 30 years’ experience in all aspects of the US and Canadian manufactured housing (MH) and recreational vehicle (RV) market. He has been actively involved in the acquisition, rezoning, development, expansion and marketing of numerous MH communities, as well as RV resorts. He served as President of Sun Communities from March 2000 to February 2008. Mr. Shiffman served as a Manager of Origen Financial LLC from 2001 to December 2003. He has been an Executive Director at Sun Communities Inc. since 1993. He has been Non-Executive Director of Ingenia Communities Group since December 4, 2018. He has been a Director of Eprize LLC. since January 31, 2006. He serves as a Director of Bingham Financial Services Corp. He serves as a Director of Sun Home Services Inc. and all other corporate subsidiaries of Sun Communities Inc. He served as a Director of Origen Financial Inc. since August 2003 until February 29, 2016.

CEO Compensation
  • Gary's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Gary's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Sun Communities management team in years:

11.3
Average Tenure
57.5
Average Age
  • The average tenure for the Sun Communities management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Gary Shiffman

TITLE
Chairman & CEO
COMPENSATION
$9M
AGE
64

John McLaren

TITLE
President & COO
COMPENSATION
$3M
AGE
47
TENURE
5.3 yrs

Karen Dearing

TITLE
Executive VP
COMPENSATION
$3M
AGE
53
TENURE
11.3 yrs

Jonathan Colman

TITLE
Executive Vice President
COMPENSATION
$560K
AGE
62
TENURE
16.3 yrs

Carol Petersen

TITLE
Investor Relations

Helene Lewis

TITLE
VP of Human Resources
Board of Directors Tenure

Average tenure and age of the Sun Communities board of directors in years:

8.8
Average Tenure
64
Average Age
  • The tenure for the Sun Communities board of directors is about average.
Board of Directors

Clunet Lewis

TITLE
Lead Independent Director
COMPENSATION
$409K
AGE
71

Gary Shiffman

TITLE
Chairman & CEO
COMPENSATION
$9M
AGE
64
TENURE
19.3 yrs

Brian Hermelin

TITLE
Independent Director
COMPENSATION
$374K
AGE
53
TENURE
5.4 yrs

Ron Klein

TITLE
Director
COMPENSATION
$409K
AGE
60
TENURE
4.4 yrs

Arthur Weiss

TITLE
Director
COMPENSATION
$344K
AGE
69
TENURE
22.7 yrs

Stephanie Bergeron

TITLE
Director
COMPENSATION
$369K
AGE
64
TENURE
12.1 yrs

Meghan Baivier

TITLE
Director
COMPENSATION
$354K
AGE
38
TENURE
1.9 yrs
Who owns this company?
Recent Insider Trading
  • Sun Communities insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
29. Mar 19 Sell Clunet Lewis Individual 28. Mar 19 28. Mar 19 -2,400 $117.34 $-281,616
14. Mar 19 Sell Gary Shiffman Individual 12. Mar 19 12. Mar 19 -12,859 $117.84 $-1,515,305
14. Mar 19 Buy Arthur Weiss Individual 12. Mar 19 12. Mar 19 257,179 $117.84 $30,305,973
01. Mar 19 Sell Jonathan Colman Individual 28. Feb 19 28. Feb 19 -1,653 $114.00 $-188,442
28. Sep 18 Sell Clunet Lewis Individual 28. Sep 18 28. Sep 18 -1,200 $99.95 $-119,940
01. Aug 18 Sell John McLaren Individual 01. Aug 18 01. Aug 18 -6,500 $96.16 $-625,040
X
Management checks
We assess Sun Communities's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Sun Communities has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

SUI News

Simply Wall St News

Have Insiders Been Buying Sun Communities, Inc. (NYSE:SUI) Shares This Year?

So shareholders might well want to know whether insiders have been buying or selling shares in Sun Communities, Inc. … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.' See our latest analysis for Sun Communities Sun Communities Insider Transactions Over The Last Year In the last twelve months, the biggest single purchase by an insider was when Director Arthur Weiss bought US$30m worth of shares at a price of US$118 per share. … Insider Ownership of Sun Communities For a common shareholder, it is worth checking how many shares are held by company insiders.

Simply Wall St -

Can You Imagine How Chuffed Sun Communities's (NYSE:SUI) Shareholders Feel About Its 156% Share Price Gain?

It is important to consider the total shareholder return, as well as the share price return, for any given stock. … We note that for Sun Communities the TSR over the last 5 years was 206%, which is better than the share price return mentioned above. … Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity.

Simply Wall St -

One Metric To Rule Them All: Sun Communities, Inc. (NYSE:SUI)

NYSE:SUI Historical Debt, May 21st 2019 Robust financial health can be measured using a common metric in the REIT investing world, FFO-to-debt. … The ratio is typically calculated using EBIT, but for a REIT stock, it's better to use FFO divided by net interest. … Instead of the P/E ratio, P/FFO is used instead, which is very common for REIT stocks.

Simply Wall St -

With A 3.8% Return On Equity, Is Sun Communities, Inc. (NYSE:SUI) A Quality Stock?

This article is for those who would like to learn about Return On Equity (ROE). … The formula for return on equity is: … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Brief Commentary On Sun Communities, Inc.'s (NYSE:SUI) Fundamentals

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook.

Simply Wall St -

Is Sun Communities, Inc.'s (NYSE:SUI) CEO Being Overpaid?

This analysis aims first to contrast CEO compensation with other large companies. … How Does Gary Shiffman's Compensation Compare With Similar Sized Companies. … has a market cap of US$10b, and is paying total annual CEO compensation of US$14m.

Simply Wall St -

One Metric To Rule Them All: Sun Communities, Inc. (NYSE:SUI)

REIT shares give you ownership of the company than owns and manages various income-producing property, whether it be commercial, industrial or residential. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much SUI actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation.

Simply Wall St -

Based On Its ROE, Is Sun Communities, Inc. (NYSE:SUI) A High Quality Stock?

This article is for those who would like to learn about Return On Equity (ROE). … Another way to think of that is that for every $1 worth of equity in the company, it was able to earn $0.036. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Have Insiders Been Selling Sun Communities, Inc. (NYSE:SUI) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Sun Communities, Inc. … That means that even when the share price was below the current price of US$108, an insider wanted to cash in some shares. … As a general rule we consider it to be discouraging when insiders are selling below the current price.

Simply Wall St -

Brief Commentary On Sun Communities Inc's (NYSE:SUI) Fundamentals

I've been keeping an eye on Sun Communities Inc (NYSE:SUI) because I'm attracted to its fundamentals. … Looking at the company as a whole, as a potential stock investment, I believe SUI has a lot to offer.

Simply Wall St -

SUI Company Info

Description

Sun Communities, Inc. is a REIT that, as of March 31, 2019, owned, operated, or had an interest in a portfolio of 379 communities comprising over 132,000 developed sites in 31 states and Ontario, Canada.

Details
Name: Sun Communities, Inc.
SUI
Exchange: NYSE
Founded: 1975
$12,046,781,648
$11,726,467,626
92,960,735
Website: http://www.suncommunities.com
Address: Sun Communities, Inc.
27777 Franklin Road,
Suite 200,
Southfield,
Michigan, 48034,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE SUI Common Stock New York Stock Exchange US USD 09. Dec 1993
DB SCZ Common Stock Deutsche Boerse AG DE EUR 09. Dec 1993
Number of employees
Current staff
Staff numbers
2,784
Sun Communities employees.
Industry
Residential REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/18 23:52
End of day share price update: 2019/06/18 00:00
Last estimates confirmation: 2019/06/17
Last earnings filing: 2019/04/25
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.