REIT Report Card · August 15, 2026
Sun Communities is the manufactured-housing and RV name, $15.3B, about $204 million a day. Net Debt / EBITDA is 3.83x, on the light side of this list. Shares are −3.7% over the past year. The indicated yield is 3.63% and EV / EBITDA is about 18.8x.
| Category | Grade | What It Means |
|---|---|---|
| Liquidity | A- | Enough daily volume for most individual sizes |
| Balance Sheet | A | Modest debt, well supported by earnings |
| Debt Service | A- | Interest is covered with a useful cushion |
| Operating Quality | B | Average margins for this universe |
| Cash Generation | B+ | Healthy cash generation relative to the equity value |
| Dividend | B+ | Useful income, and coverage looks okay |
| Valuation | B | Priced fully, but not extreme |
| Recent Performance | B- | A soft year for the share price |
| Overall | B+ | Manufactured housing with a lighter balance sheet and a soft year |
1. Valuation
EV / EBITDA asks what the whole firm costs per dollar of trailing EBITDA.
At about 18.8x EV / EBITDA, SUI trades at a full but less extreme multiple.
Bottom line: Priced like a solid name. Disappointments still sting.
2. Leverage
For every $1 of annual EBITDA SUI generates, it has about $3.83 of net debt.
For a REIT, this is usually the first leverage number worth reading.
Bottom line: SUI does not carry much debt relative to earnings.
3. Debt Exposure
About 20% of SUI's total enterprise value is net debt.
That gives equity investors more of a cushion than you'd get with a more leveraged REIT.
Bottom line: SUI's equity value makes the capital structure less debt-heavy than Net Debt / EBITDA alone might suggest.
4. Interest Protection
SUI generates about 6.20x of EBITDA for every $1 of estimated interest.
Higher coverage usually means a REIT can absorb higher rates, refinancing costs, or a soft patch in the properties more easily.
Bottom line: Interest looks well covered.
5. Operating Profitability
SUI turns about 44 cents of every revenue dollar into EBITDA.
Bottom line: Margins are respectable. Compare them with the same property type, not with net-lease specialists.
6. Cash Generation
SUI generated operating cash flow equal to about 5.9% of its current equity value.
For every $100 of current equity value, the company generated about $5.88 of trailing operating cash flow.
Bottom line: There's real cash in dollars, but a higher stock price compresses the yield you get today.
7. Cash Conversion
About 88% of SUI's EBITDA turned into operating cash flow.
Bottom line: Most of the reported operating earnings are showing up as actual cash.
8. Dividend Safety
On our standardized math, operating cash flow covers SUI's annualized dividend about 1.62x.
SUI generates roughly 1.62x of operating cash flow for every $1.00 of estimated dividends.
Bottom line: The dividend looks well covered by operating cash flow on this method.
9. Dividend Yield
SUI is not mainly a high-income REIT.
Put $10,000 into SUI at the current indicated yield and you'd get about $363 a year if the dividend stays the same.
Bottom line: People who buy SUI are usually after the mix of a check plus the assets, not the fattest current yield here.
10. Market Liquidity
About $204 million of SUI stock changes hands on an average trading day.
Bottom line: Daily volume of about $204 million is active for an equity REIT.
If you put $10,000 into SUI today, based on the numbers in this report:
SUI has $4.07B of total debt against $0.17B of cash (3.83x net debt / EBITDA). Interest coverage of 6.2x makes that load easier to live with that load.
At 18.8x EV / EBITDA, this is a middle-of-the-range price versus the other names here.
OCF dividend coverage is 1.62x and the indicated yield is 3.63%. The cash-flow cushion looks comfortable on this math.
Average daily dollar volume is $204.0M, active enough for most individual-sized trades.
Sun Communities has one of the cleaner balance sheets here (3.83x Net Debt / EBITDA) and a −3.7% year. The 3.63% yield is fine, not fat. Manufactured housing, not a drama stock.
Interest coverage is 6.2x and net debt is 20.3% of EV. The balance sheet is the strongest part. The −3.7% year and the 3.63% yield are just okay.
18.8x EV / EBITDA, 3.83x leverage, 1.62x coverage, 3.6% yield. The balance sheet is the reason to look. The year and the yield are not a grab.
| Metric | SUI |
|---|---|
| Market Capitalization | $15.31B |
| Enterprise Value | $19.22B |
| Share Price | $123.29 |
| Revenue (TTM) | $2.33B |
| EBITDA (TTM) | $1.02B |
| EBIT (TTM) | $0.50B |
| Operating Cash Flow (TTM) | $0.90B |
| CapEx (TTM) | $0.41B |
| Cash | $0.17B |
| Total Debt | $4.07B |
| Average Daily $ Volume | $204.0M |
| Daily Equity Turnover | 1.33% |
| EV / EBITDA | 18.84x |
| EBITDA Yield on EV | 5.31% |
| EBITDA Margin | 43.78% |
| Net Debt / EBITDA | 3.83x |
| Net Debt / Market Cap | 25.50% |
| Net Debt / Enterprise Value | 20.32% |
| Debt / Total Capital | 21.00% |
| Cash / Debt | 4.06% |
| EV Premium to Equity | 25.54% |
| Operating Cash Flow Yield | 5.88% |
| OCF / EBITDA Conversion | 88.19% |
| CapEx / Operating Cash Flow | 45.63% |
| CapEx / Revenue | 17.61% |
| Post-CapEx Cash Yield | 3.19% |
| Dividend / OCF Burden | 0.62x |
| OCF Dividend Coverage | 1.62x |
| Implied Interest / Revenue | 7.06% |
| EBITDA Interest Coverage | 6.20x |
| Reported Interest Coverage (source) | 3.02x |
| Dividend Yield | 3.63% |
| 52-Week Price Change | −3.68% |
| Approx. 1-Year Total Carry | −0.05% |
| Beta (5Y) | 0.77 |
We grade each REIT on several things at once. A cheap multiple next to heavy debt is a different story than a cheap multiple next to a light load.
Financial Strength looks at leverage, how much of the firm is debt, daily trading volume, and whether earnings cover interest.
Operating Quality looks at the EBITDA margin and how much of those earnings show up as cash.
Dividend Quality looks at the indicated yield, whether operating cash flow covers the payout, and how heavy the payout is versus cash.
Valuation is what you pay for the REIT's earnings: enterprise value over EBITDA.
Market Performance looks at last year's share-price change and how much stock trades on an ordinary day.
A hotel and a net-lease REIT will not look the same on these measures, and they should not. Read each name next to peers in the same property type.
Read the full methodology and the grading bands.
The numbers come from trailing financials and market data we pulled for this report. Some ratios we calculate ourselves. They are not always the figures the company highlights.
We use them so these 20 REITs can be lined up on the same math. That does not replace company-reported FFO, AFFO, same-store NOI, occupancy, lease schedules, or NAV.
Source: https://stockanalysis.com/stocks/sui/statistics/
Report date: August 15, 2026
This is for information only. It isn't investment advice, a buy or sell recommendation, or a judgment about whether any of these REITs fit your situation.