SUI NYSE Russell 1000 Earnings call
Sun Communities (SUI) · Q2 2026 results and valuation
Share price: $118.28 · 2026-11-11
Results Q2 2026 vs Q4 2025 · previous quarter · published 28 Jul 2026 and 25 Feb 2026
Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
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No financial figures for this pair
Guidance raised
2 · How management spoke
Upbeat
More upbeat than 72% of company calls
Answers to analysts: upbeat, in line with the script.
Last call it was different: the answers were less upbeat than the script.
3 · What stood out
Figure
The company launched a new $1 billion buyback program to reflect its conviction in the underlying value of the company and its commitment to…
Valuation
Is Sun Communities undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$118.28
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+20.9% for 10 yrs
Fair value / share
$-33.83
Buy below
$-25.37
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
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Guidance ↑
SUI reported a core FFO per share of $1.84, exceeding the high-end of the guidance range due to disciplined expense management and sustained strength in Manufacturing.
Source quote
“We delivered core FFO per share of $1.84, surpassing the high-end of our guidance range, driven by sustained strength in our Manufactured... ...achieving results above the high-end of our guidance while executing on our strategic priorities. Based on our first half performance and continued confidence in the business, we are raising our outlook for the core business.”
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Guidance
The company expects to use proceeds from the sale of the UK business to pay any outstanding balance on its line of credit.
Source quote
“We expect to pay any outstanding balance on our line of credit using proceeds from the sale of the UK business.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q4 2025.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“So we're going to invest, as we talked about in our operating platform our people, technology and infrastructure, we believe these types of investments will improve our operating efficiency, enhance...”
“North American same-property MH and RV NOI increased 6%, exceeding our guidance range with contributions from revenue growth and expense discipline.”
“Our second quarter results reflect another period of strong operational execution with core FFO per share of $1.84, exceeding the high-end of our guidance range by $0.05 per share.”
Topics
Most discussed now
- New On the annual side, demand remains stable and continues to provide a durable base of recurring revenue.
- New Occupancy remained above 98%, supported by favorable industry fundamentals and the value proposition Sun Communities' high-quality…
- New The initiatives Sun Communities implemented earlier this year are delivering results, providing greater visibility into demand and enabling…
- New Sun Communities is going to continue to focus on the business, running it well, executing well, looking for opportunities to grow and...
- These results, coupled with continued demand driven by long-term housing affordability trends reinforce Sun Communities' confidence in its…
Faded since Q4 2025
- Fading After spending time at Sun Communities' MH and RV communities over the past few months, what stands out to me is...
- Fading North American same property NOI growth was 7.9% for the quarter and 5.7% for the full year, reflecting strong revenue...
- Fading One of the things I will share that is a focus in my core pillars for this year is starting...
- Fading For 2026, Sun Communities continues to see better signs of stability with improved booking trends in RV.
Latest announcements
Official filings, newest first.
- Material agreement; Unregistered share sale · SEC 8-K
- Acquisition or disposal; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Director or officer change · SEC 8-K
- Director or officer change; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Material agreement; Impairment; Regulation FD disclosure; Other events · SEC 8-K