SUN COMMUNITIES INC
For the period ended Jun 30, 2025. Filed Jul 31, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Jul 31, 2025
SUI$120.30-1.5%Stored close · as of Nov 6, 2026
What changed in Risk Factors?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-06.
0000912593-25-000163
Item 1A. RISK FACTORSCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-07-31.
0000912593-25-000218
Item 1A. RISK FACTORSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 30 previous paragraphs and 8 current paragraphs.
4 unchanged; 3 reworded; 1 added; 23 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 2 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1)
Current report
(2) On April 30, 2025, we announced by press release that our Board of Directors authorized a Stock Repurchase Program under which we may repurchase up to $1.0 billion in shares of our outstanding common stock through April 30, 2026. Under the Stock Repurchase Program, we may repurchase shares of our common stock in open market transactions, through privately negotiated transactions, through one or more accelerated repurchases, or otherwise, in accordance with the terms set forth in Rule 10b5-1 and Rule 10b-18 of the Exchange Act and other applicable legal requirements. The Stock Repurchase Program does not obligate us to repurchase any specific number of shares, and we may initiate, suspend, or discontinue purchases under the Stock Repurchase Program at any time. Refer to Note 11, "Equity and Temporary Equity," for additional information regarding our Stock Repurchase Program.
Removed paragraphs (23)
Previous report
General economic conditions and the concentration of our MH, RV, and UK properties in certain geographic areas may affect our ability to generate revenue.
Previous report
The market and economic conditions in our current markets generally, and specifically in metropolitan areas of our current markets, may significantly affect occupancy or rental rates. Occupancy and rental rates, in turn, may significantly affect our revenues, and if our properties do not generate revenues sufficient to meet our operating expenses, including debt service and capital expenditures, our cash flows and ability to pay or refinance our debt obligations could be adversely affected.
Previous report
As of March 31, 2025, 124 of our MH, RV, and UK communities, representing 25.9% of developed sites, are located in Florida; 85 communities, representing 19.2% of developed sites, are located in Michigan; 53 communities, representing 12.4% of developed sites, are located in the UK; 37 communities, representing 5.0% of developed sites, are located in California; and 29 communities, representing 6.2% of developed sites, are located in Texas. As a result of the geographic concentration of our MH, RV, and UK communities in Florida, Michigan, the UK, California and Texas, we are exposed to the risks of downturns in local economies or other local real estate market conditions which could adversely affect occupancy rates, rental rates and property values in these markets.
Previous report
Our revenue would also be adversely affected if tenants and guests were unable to pay rent or if sites were unable to be rented on favorable terms. If we were unable to promptly relet or renew the leases for a significant number of the sites, or if the rental rates upon such renewal or reletting were significantly lower than expected rates, then our business and results of operations could be adversely affected. In addition, certain expenditures associated with each property (such as real estate taxes and maintenance costs) generally are not reduced when circumstances cause a reduction in income from the property. Furthermore, real estate investments are relatively illiquid and, therefore, will tend to limit our ability to vary our portfolio promptly in response to changes in economic or other conditions.
Previous report
The following factors, among others, may adversely affect the revenues generated by our properties:
Previous report
•the international, national, and local economic climate which may be adversely impacted by, among other factors, plant closings, industry slowdowns, inflation, tariffs or threats of tariffs, trade wars, immigration issues, and supply chain disruptions;
Previous report
•local real estate market conditions such as the oversupply of MH or RV sites or a reduction in demand for MH or RV sites in an area, and an oversupply of, or a reduced demand for, manufactured homes;
Previous report
•increased operating costs, including insurance premiums, real estate taxes, and utilities;
Previous report
•competition from other available MH and RV communities and alternative forms of housing (such as apartment buildings and site-built single-family homes);
Previous report
•a decrease in the number of people interested in the RV lifestyle;
Previous report
•outbreaks of disease and related restrictions on business operations;
Previous report
•changes in foreign currency exchange rates, including between the U.S. dollar and each of the Canadian dollar, Australian dollar, and pound sterling;
Previous report
•the number of repossessed homes in a particular market;
Previous report
•the difficulty facing potential purchasers in obtaining affordable financing as a result of heightened lending criteria;
Previous report
•an increase or decrease in the rate of manufactured home repossessions which provide aggressively priced competition to new manufactured home sales;
Previous report
•the housing rental market which may limit the extent to which rents may be increased to meet increased expenses without decreasing occupancy rates;
Previous report
•the perceptions by prospective tenants of the safety, convenience and attractiveness of our MH properties, and the neighborhoods where they are located;
Previous report
•zoning or other environmental regulatory restrictions;
Previous report
•our ability to effectively manage, maintain, and insure our properties; and
Previous report
•the enactment of rent control laws or laws taxing the owners of manufactured homes.
Previous report
Deterioration in general economic conditions in the United States, and globally, including the effect of prolonged periods of inflation, could harm our business and results of operations.
Previous report
Our business and results of operations could be adversely affected by changes in national or global economic conditions. These conditions include but are not limited to inflation, deflation, rising interest rates, availability of capital markets, energy availability and costs, the negative impacts caused by outbreaks of disease and public health crises, negative impacts resulting from military conflicts, tariffs or threats of tariffs, trade wars, immigration issues, supply chain disruptions, and the effects of other governmental initiatives to manage economic conditions.
Reworded paragraphs (3)
Previous wording
In addition to the other information set forth in this report, you should carefully consider the risk factors described in Part 1, Item 1A., "Risk Factors," in our 2024 Annual Report, which could materially affect our business, financial condition, or future results. We have updated our risk factors in our 2024 Annual Report with the risk factors described below:
Current wording
In addition to the other information set forth in this report, you should carefully consider the risk factors described in Part 1, Item 1A., "Risk Factors," in our 2024 Annual Report and Part II, Item 1A., "Risk Factors," in our Quarterly Report on Form 10-Q for the three months ended March 31, 2025, which could materially affect our business, financial condition, or future results. There have been no material changes to the disclosure on these matters as set forth in such report.
Previous wording
The following table summarizes our common stock repurchases during the three months ended March 31, 2025:
Current wording
The following table summarizes our common stock repurchases during the three months ended June 30, 2025 (in millions, except for number of shares and per share amounts):
Previous wording
(a) During the three months ended March 31, 2025, we withheld 62,434 shares from employees to satisfy estimated statutory income tax obligations related to vesting of restricted stock awards. The value of the common stock withheld was based on the closing price of our common stock on the applicable vesting date.
Current wording
(1) During the three months ended June 30, 2025, we withheld 4,053 shares from employees to satisfy estimated statutory income tax obligations related to vesting of restricted stock awards. The value of the common stock withheld was based on the closing price of our common stock on the applicable vesting date.