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Sun Communities — REIT card

SUI
ResidentialMarket cap $15.0B4-quarter TTM
Close · Oct 16, 2026118.08P/E — · EV yield 5.6%
P/Cash FFO16.8×Cash FFO/sh 7.04
Yield · spread to 10y3.7%−1.36 pt vs. the bond
−13% below 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 16, 20265.09%2-year 4.74%
Board median yield4.4%trailing dividends ÷ last close
Yield spread to the 10-year−0.71 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO15.6×five-year median 16.7× · −7%
Lights on0 of 3prices Oct 16, 2026 · TTM through Jun 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Sep 30, 2021 → Jun 30, 2026
14×19×24×29×34×2021202220232024202520262021-09-30 · 29.3× (close 185.10 · Cash FFO/sh 6.31)2021-12-31 · 31.8× (close 209.97 · Cash FFO/sh 6.61)2022-03-31 · 26.3× (close 175.29 · Cash FFO/sh 6.67)2022-06-30 · 24.0× (close 159.36 · Cash FFO/sh 6.65)2022-09-30 · 21.6× (close 135.33 · Cash FFO/sh 6.27)2022-12-31 · 23.9× (close 143.00 · Cash FFO/sh 5.98)2023-03-31 · 23.8× (close 140.88 · Cash FFO/sh 5.91)2023-06-30 · 22.7× (close 130.46 · Cash FFO/sh 5.76)2023-09-30 · 18.9× (close 118.34 · Cash FFO/sh 6.26)2023-12-31 · 20.4× (close 133.65 · Cash FFO/sh 6.54)2024-03-31 · 19.1× (close 128.58 · Cash FFO/sh 6.71)2024-06-30 · 16.3× (close 120.34 · Cash FFO/sh 7.36)2024-09-30 · 18.9× (close 135.15 · Cash FFO/sh 7.15)2024-12-31 · 17.9× (close 122.97 · Cash FFO/sh 6.85)2025-03-31 · 18.8× (close 128.64 · Cash FFO/sh 6.86)2025-06-30 · 19.2× (close 126.49 · Cash FFO/sh 6.58)2025-09-30 · 19.3× (close 129.00 · Cash FFO/sh 6.68)2025-12-31 · 17.7× (close 123.91 · Cash FFO/sh 7.02)2026-03-31 · 17.9× (close 125.96 · Cash FFO/sh 7.04)2026-06-30 · 17.0× (close 119.91 · Cash FFO/sh 7.04)p75 24×med 19×p25 19×now 16.8×
Five-year median 19.3×, middle half 18.6–23.9×, range 16.3–31.8×. Now 16.8×: −13% below its own median, higher than 5% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile

Where the cash goes

TTM through Jun 30, 2026 · $B
012Revenue: 2.2 $B2.2RevenueProperty & operating: −1.1 $B−1.1Property &operatingEBITDA: 1.1 $B1.1EBITDAInterest: −0.2 $B−0.2InterestD&A: −0.5 $B−0.5D&AOther items: −1.3 $B−1.3OtheritemsNet income: −0.9 $B−0.9NetincomeAdd back D&A: 0.5 $B0.5Add backD&ANon- cash: 1.2 $B1.2Non-cashCash FFO: 0.9 $B0.9CashFFODividends: −0.6 $B−0.6DividendsRetained: 0.3 $B0.3Retained
Cash FFO 0.90B = net income -0.86B + depreciation 0.51B + 1.25B other non-cash items · dividends 0.56B · retained 0.34B

Against its type

SUI (blue) vs. the other Residential REITs on the board (4), grey
P/Cash FFO16.8× vs. 14.9×
Dividend yield3.7% vs. 4.5%
Cash FFO payout63% vs. 67%
Net debt / EBITDA3.7× vs. 5.0×
Interest cover6.9× vs. 5.2×
EBITDA margin48% vs. 58%

Type averages are the plain mean of the other REITs of the same property type with a usable window.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
Revenue, $B0.48
Cash FFO / share, quarter2.13
EBITDA margin49%
Interest cover6.2×