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Sun Communities Business Segments

Business, geographic, and product segment breakdowns

Sun Communities generates $2.3B in annual revenue across 3 key segments: MH ($292.5M), RV ($624.6M), and UK ($427.2M). Based on the Q1 2026 filing.

MH$292.5MRV (TTM)$624.6MUK (TTM)$427.2M
Latest FilingQ1 2026
Report Date2026-04-28
Market Cap$15.5B
P/E Ratio14.54
ROE15.6%

Geographic

Total Assets

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
North America$13.9B$13.8B$10.7B$10.1B$10B$9.8B
UNITED KINGDOM$2.6B$2.7B$2.6B$2.7B$2.6B$2.5B

Concentration Risk, Percentage

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
North America—83.7%80.3%——79.7%

Payments to Acquire Other Productive Assets

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
United Kingdom——$650K$650K$650K$650K

Business Segments

Ancillary

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
RV—$5.8M—$39M—$5.8M
UK$6.6M$4.2M$16.6M$20.2M$6.5M$4.8M
MH—$2.5M—$1.6M—$2.7M
UK Segment$1.4M$1.5M$5.8M$6.6M$2.6M$1.8M

Total Assets

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
MH$5.8B——$6.4B$6.3B$6.2B
RV$3.8B——$3.8B$3.7B$3.7B
UK$2.6B$2.7B$2.6B$2.7B$2.6B$2.5B

Cash, cash equivalents and restricted cash

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
MH$32.3M——$759.8M$400.2M$311.4M
RV$16.7M——$394.4M$206.5M$160M
UK$8.1M$4.7M$24.7M$25.8M$29.4M$25.6M

Collateralized receivables, net

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
MH$51.2M——$45.4M$43.2M$41.6M
RV$0——$0$0$0
UK$0$0$0$0$0$0

Cost, Direct Labor

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
RV—$17.5M—$28.1M—$17.9M
MH—$14M—$14.3M—$15.5M
UK$6.3M$6M$8.6M$8.9M$6.4M$6.8M

Cost of Property Repairs and Maintenance

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
MH—$9.6M—$12.9M—$11.8M
RV—$5.9M—$10.1M—$6.4M
UK$1.8M$5.5M$5.8M$3.4M$2.8M$5.8M

Goodwill

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
RV$9.5M$9.5M$9.5M$9.5M$9.5M$9.5M
MH$0$0$0$0$0$0
UK$0$0$0$0$0$0

Home sales

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
UK$42.8M$38.5M$58.2M$57.9M$35.7M$41.6M
MH$41.3M$21.7M$35M$32M$29.9M$20M
RV$5.8M$7M$6.9M$5.7M$4.4M$6.5M

Intangible Asset, Excluding Goodwill, after Accumulated Amortization

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
UK$66.7M$67.1M$69.4M$66.5M$64.8M$62.2M
RV$26.3M——$24.4M$26.1M$25.5M
MH$9.5M——$6.1M$10.6M$10.1M

Inventory of manufactured homes

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
MH$52.4M$76.8M$81.6M$67.8M$65.7M$61.5M
UK$62.1M$65.9M$63.3M$62.6M$58.2M$56.5M
RV$15.3M$29.7M$27.1M$24.7M$19M$14.8M

Investment property, net

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
MH$5.1B——$5B$5.3B$5.3B
RV$3.5B——$3.2B$3.3B$3.3B
UK$2.2B$2.3B$2.3B$2.3B$2.3B$2.3B

Lease Income, Nontransient

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
MH—$248.8M—$254.6M—$269.3M
RV—$73.8M—$96.2M—$81.3M
UK$37.5M$31.3M$33.5M$33.4M$31.2M$35.2M

Lease Income, Transient

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
RV—$28.1M—$106.2M—$28.4M
UK$5.6M$1.9M$17.8M$27.2M$4.9M$2.5M
MH—$500K—$100K—$500K

Operating Income (Loss)

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
MH$158.1M$175.3M$173.5M$178.3M$168.7M$188M
RV$59.4M$45.8M$82.2M$134.8M$51.3M$49.4M
UK$33.8M$17M$39.8M$53.7M$19.1M$18M

Other assets, net

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
MH$261.1M——$270M$273.3M$280.7M
UK$144.3M$178.2M$90.9M$52.5M$46.7M$49.7M
RV$37M——$36.5M$35.9M$45.1M

Other Expenses

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
RV—$8.2M—$14.4M—$8M
UK$2.4M$2.3M$4.2M$5.3M$1.8M$3.1M
MH—$2.5M—$1.8M—$3M

Professional Fees

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
MH—$7.6M—$8.9M—$7.5M
RV—$3.2M—$3.4M—$2.9M
UK$300K$400K$300K$300K$500K$300K

Real estate tax

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
MH$17.1M$17.7M$19.2M$19.4M$15.8M$19.8M
RV$6.2M$7.1M$7.3M$7.1M$6.5M$7.5M
UK$1.7M$1.9M$2.2M$2.2M$1.9M$2.2M

Revenue

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
MH—$273.5M—$301.7M—$292.5M
RV—$114.7M—$254.1M—$122M
UK$88.9M$75.9M$127.5M$141.4M$74.2M$84.1M

Segment Reporting, Other Segment Item, Amount

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
MH—$21.4M—$27.1M—$20.4M
RV—$11.7M—$25.4M—$13.6M
UK$9.3M$10.4M$15.4M$16.8M$7.6M$11.5M

Total Notes and Other Receivables, net

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
MH$233.4M——$254.7M$199.6M$204.2M
RV$121.4M——$74.6M$61M$90.9M
UK$75.3M$46.7M$34.4M$139.1M$71.5M$38M

Utilities Expense

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
MH—$25.4M—$25.6M—$26.5M
RV—$15.3M—$23.8M—$16.3M
UK$8.2M$7.9M$8.1M$7.6M$7.5M$9M

Cash Consideration from Sale of Real Estate, net of Mortgage Debt and Other Adjustments

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
RV——$23.2M$23.2M$23.2M$23.2M

Gain on dispositions of properties, net

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
RV——-$50K-$50K-$50K-$50K

Number of properties sold

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
RV——0.500.500.500.50

Cost of Revenue

SegmentQ3 '25Q4 '25Q1 '26Q2 '26Q3 '26Q4 '26
UK$27.3M$23M$35.9M$33.9M$28.1M$25.6M