Sun Communities: Shedding Pounds: Updating Estimates for Park Holidays UK Sale

研报英文原文证据摘录

Sun Communities: Shedding Pounds: Updating Estimates for Park Holidays UK Sale

Equity Research

U.S. REITs

22 May 2026

Sun Communities

Shedding Pounds: Updating

Estimates for Park Holidays UK

SUI OVERWEIGHTSale

Unchanged

SUI agreed to sell all of its UK assets for $1bn; following the U.S. REITs NEUTRAL

sale, North American MH/RV income is expected to comprise Unchanged

95% of total NOI. We continue to view Sun's portfolio Price Target lowered -0.68% fromUSDUSD147.00148.00

simplification positively as it re-positions itself as the largest Price (21-May-26) USD 126.29

"pure-play" MH/RV REIT. Potential Upside/Downside +16.4% Source: Bloomberg, Barclays Research

We update our estimates to reflect the sale of Park Holidays UK to Aermont Capital for Market Cap (USD mn) 15562

£768mm (~$1.03bn). As we've previously discussed, we have a positive view on Sun's portfolio Shares Outstanding (mn) 123.23

simplification efforts as it re-positions itself as a "pure-play" MH/RV REIT. We think today's Free Float (%) 98.61

market reaction indicates that the Park Holidays valuation was better than feared (SUI was 52 Wk Avg Daily Volume (mn) 0.8

among the top performers in REITs today on a weak day for Residential REITs overall). While deal Dividend Yield (%) 3.55

pricing ultimately fell below our prior expectations, we estimate the deal is only modestly Return on Equity TTM (%) 12.78

dilutive to NAV/sh (see Figure 1). Current BVPS (USD) 54.77

Source: Bloomberg

Following today's announcement, we expect investors' focus to shift to the use of Park

Holidays sale proceeds. We spoke with SUI management today, who indicated it could

Price Performance Exchange-NYSE

complete additional share repo's, acquire new MH/RV properties, or invest in the existing

52 Week range USD 137.85-115.53