Sun Communities, Inc. (NYSE: SUI) is a leading real estate investment trust (REIT) specializing in the acquisition, operation, and development of manufactured housing (MH) communities and recreational vehicle (RV) resorts. Established in 1975 and taken public in 1993, the company has grown into one of the largest operators in its niche, managing a portfolio of over 500 developed properties comprising approximately 178,000 developed sites across the United States, Canada, and the United Kingdom.
The company's business model centers on acquiring and operating non-traditional residential and outdoor hospitality assets that offer high barriers to entry and consistent cash flows. Sun Communities generates the vast majority of its revenue from rental income across its three primary operating segments: Manufactured Housing communities, Recreational Vehicle communities, and UK holiday parks. The MH segment provides affordable, single-family residential options where residents typically own their homes and lease the underlying land. The RV segment caters to both annual and transient guests seeking outdoor recreation and vacation destinations. In 2025, the company strategically optimized its portfolio by completing the $5.5 billion sale of its Safe Harbor Marinas business, allowing it to refocus entirely on its core MH and RV platforms.
Geographically, Sun Communities has a strong footprint across North America, particularly in the Sun Belt and Midwest regions of the United States, as well as a significant international presence in the UK following its 2022 acquisition of Park Holidays. The company's competitive position is bolstered by its scale, operational expertise, and the resilient demand for affordable housing and outdoor leisure, enabling it to maintain high occupancy rates and steady net operating income growth across economic cycles.
