SUI changes
Pick any two versions below to diff them.
- Price
- $118.08 → $116.46(−1.4%)
- Discount
- 6% to 23% → 7% to 24%(+1.0 pts)
- Next earnings
- 2026-10-27 → 2026-10-26
- Next earnings is estimate
- Yes → No
- Thesis
- The market prices Sun for weak results in its RV business, for the losses and changes of the last two years and for higher interest rates, which lower the value of real estate. In Q2 2026, same property NOI rose 8.8% in MH but fell 0.7% in RV. Sun took a non-cash charge of $1.1 billion in Q2 2026 on the sale of its UK business. It also has a new management team: Charles Young became CEO in 2025, and Robert Garechana became CFO on September 8, 2026. For the gap to close, three things must be true. MH same property NOI must keep growing by 6% or more, with occupancy near 98%. RV results must stabilize. Sun must use the $1.03 billion of net proceeds from the UK sale well, for buybacks, debt repayment or good acquisitions, and reach its 2026 Core FFO guidance of $6.94 to $7.10 per share. The Q3 2026 report, estimated for about on October 2726, 2026, is the next test. The 2027 guidance in February 2027 is the main test. If these checks pass, the gap can close over the next three to five quarters. The main reason it may not close is that interest rates stay high, which keeps REIT values low.
- Checkpoints
- Oct 2726, 2026 (estimate): Q3 2026 earnings: MH growth and RV trends. Pending. Watch: Core FFO per share within the $2.23 to $2.33 guidance and MH same property NOI growth of 6% or more pass; a cut to the 2026 guidance or a larger fall in RV fails. Feb 2027 (estimate): 2026 results and the 2027 guidance. Pending. Watch: A 2027 Core FFO outlook that grows after the UK sale and a clear plan for the proceeds pass; lower guidance fails.
- Recent events
- 2026-10-19: Sun said that it will report Q3 2026 results after the market closes on October 26, 2026, and hold a conference call on October 27, 2026. 2026-10-01: Sun's operating partnership issued 283,126 new Series M preferred units, worth $28.3 million at the $100 issue price, as payment for assets contributed to it. The units pay 3.2% in the first year, rising to 3.6%, and can be exchanged for common shares at $174.00 per share. 2026-09-22: Sun completed the sale of Park Holidays, its UK business, to an affiliate of Aermont Capital for about £772.3 million, or about $1.05 billion. Net proceeds were about $1.03 billion. 2026-08-24: Sun appointed Robert Garechana, the former CFO of Equity Residential, as CFO from September 8, 2026. 2026-07-27: Sun reported Q2 2026 results. Core FFO was $1.84 per share, up from $1.76. Same property NOI rose 6.0%, with 8.8% growth in MH and a 0.7% fall in RV. MH and annual RV sites were 97.9% occupied. Sun recorded a non-cash charge of $1.1 billion to reduce the value of the UK business and set 2026 Core FFO guidance of $6.94 to $7.10 per share. 2026-05-27: The board renewed the stock buyback program for up to $1.0 billion through May 27, 2027. In Q2 2026, Sun bought back about 0.9 million shares for $111.1 million. 2026-05-21: Sun agreed to sell Park Holidays, its UK business, to an affiliate of Aermont Capital at an enterprise value of £768 million.