Sun Communities, Inc: Post 1Q26 Review: Core Operations Solid; Monitoring The Situation On Potential UK Sale

研报英文原文证据摘录

Sun Communities, Inc: Post 1Q26 Review: Core Operations Solid; Monitoring The Situation On Potential UK Sale

Deutsche Bank

Research

Rating Company Date

Hold Sun Communities, Inc 13 May 2026

North America Reuters Bloomberg Rating Hold

United States SUI.N SUI US Price target (USD) 133.00 Price at 12 May 26 124.91

52-week range 137.18 – 116.60

Financial

REITs Valuation & Risks

Post 1Q26 Review: Core Operations Solid;

Monitoring The Situation On Potential UK PeterResearchAbramowitzAnalyst

Sale +1-212-250-9504

Omotayo Okusanya

Research Analyst Key Takeaways

+1-212-250-9284

1Q26 results were solid, with a guidance raise primarily driven by strong MH

growth. That said, shares are down 4.1% in the last month, reflecting elevated Rafi Lewis

expectations. Transient RV revenue growth will be key to watch, as management Research Associate

slightly lowered its expectation for FY26 on the call (now -1.9% vs. -1.5% as

described on last quarter’s call). The company continues to be tight-lipped

regarding a potential sale of the UK business, as it’s been reportedly exploring.

Key changes

As we’ve written, we believe a sale is a play for long-term multiple expansion given

Price target (USD) 138 133 -4%

that it would make SUI a cleaner story; however, at the reported bidding price of

~£700M-£800M ($950M-$1,080M at today’s exchange rate) we believe FFO/sh Source: Deutsche Bank

dilution would be ~5%, which could negatively impact sentiment. Given strong

MH operations and the 1Q26 beat, we are slightly raising our estimates but

remain at Hold.

Transient Growth Expectations Slightly Lowered: On the RV side, management

noted that bookings for transient are ahead of the same time last year. 1Q26 NA

SS transient revenue growth (-1.7%) was helped by an easy comp (-20.5% in

1Q26).