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Sun Communities Inc SUI

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Stock XNYS Rating as of
$120.04 +1.75 (1.48%)
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Company Report

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Growth Remains High for Sun Communities Due to Elevated Demand for Affordable Vacation Homes

Kevin Brown

Sun Communities is a residential REIT that focuses on owning manufactured housing, residential vehicle communities, and marinas. The company has grown significantly over the past decade after spending $11.8 billion since 2010 to build a portfolio of 667 properties from just 136 at the end of 2010. Sun targets owning properties that are desirable as second homes or vacation properties with nearly 50% of the portfolio located in either Florida or Michigan near major bodies of water.

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Price vs Fair Value

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SUI is trading at a 31% discount.
Price
$118.29
Fair Value
$824.00
Uncertainty
Medium
1-Star Price
$283.40
5-Star Price
$642.60
Economic Moat
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Capital Allocation
Bhtvbwyxz

Bulls Say, Bears Say

Bulls

Aging population supports rent and NOI growth at a spread above inflation.

Bears

Demand for the sector has already peaked and will flatten out as the target demographic turns 80, which will cause many to sell their residences as they instead move to senior housing facilities.

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News

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Trading Information

Previous Close Price
$118.29
Day Range
$118.48–120.44
52-Week Range
$102.74–141.52
Bid/Ask
$110.95 / $129.80
Market Cap
$14.96 Bil
Volume/Avg
601,457 / 802,958

Key Statistics

Price/Earnings (Normalized)
65.29
Price/Sales
4.67
Dividend Yield (Trailing)
3.15%
Dividend Yield (Forward)
3.18%
Total Yield
3.20%

Company Profile

Sun Communities is a residential REIT that focuses on owning manufactured housing, residential vehicle communities, and marinas. The company currently owns a portfolio of 667 properties, which includes 353 manufactured housing communities, 179 residential vehicle communities, and 135 marina properties. Sun targets owning properties that are desirable as second homes or vacation properties with nearly 50% of the portfolio located in either Florida or Michigan near major bodies of water.
Sector
Real Estate
Industry
REIT - Residential
Stock Style Box
Mid Core
Total Number of Employees
6,780
Website
https://www.suncommunities.com

Comparables

Valuation

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Metric
SUI
ELS
LXP
Price/Earnings (Normalized)
 65.2935.78981.12
Price/Book Value
 2.118.061.16
Price/Sales
 4.678.607.24
Price/Cash Flow
 15.9020.8012.13
Price/Earnings
SUI
ELS
LXP

Financial Strength

Metric
SUI
ELS
LXP
Quick Ratio
 0.180.093.05
Current Ratio
 0.260.133.12
Interest Coverage
 0.203.341.76
Quick Ratio
SUI
ELS
LXP

Profitability

Metric
SUI
ELS
LXP
Return on Assets (Normalized)
 2.00%6.18%1.70%
Return on Equity (Normalized)
 4.54%23.96%3.12%
Return on Invested Capital (Normalized)
 4.07%8.90%3.03%
Return on Assets
SUI
ELS
LXP
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REIT - Residential Industry Comparables

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Name
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
AVB
AvalonBay Communities IncHzdtlrvsdNrqg$26.6 Bil
EQR
Equity ResidentialRbhsvjdmsMvjtc$23.1 Bil
INVH
Invitation Homes IncKpqyvwbmDpsjx$20.9 Bil
ESS
Essex Property Trust IncJchkcftZnrg$15.5 Bil
MAA
Mid-America Apartment Communities Inc—Wpfms$14.9 Bil
AMH
American Homes 4 Rent Class A—Qvtmf$13.0 Bil
UDR
UDR Inc—Qtcm$12.2 Bil
ELS
Equity Lifestyle Properties IncWzvbzsdNtps$11.5 Bil
AIRC
Apartment Income REIT Corp Class AQymysfblBdddr$5.6 Bil

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