SUI · CIK 912593
What Sun Communities, Inc. told the SEC could break it.
Sun Communities' disclosures center on where its properties sit and the rents they generate. Its communities are geographically concentrated — Florida (26.4% of developed sites), Michigan (19.4%), the UK (12.1%), Texas, and California — so occupancy, rents, and values track those local economies, and its UK, Canada, and Australia operations (14.4% of shareholders' equity) add currency exposure, where a 10% stronger U.S. dollar against the pound, Canadian, and Australian dollars would have cut total shareholders' equity by about $101.6 million in 2025. On the rents themselves, it is a defendant in consolidated putative antitrust class actions alleging large manufactured-home operators shared competitively sensitive information via Datacomp to keep site rents artificially high.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Currency (FX)
- GBP/CAD/AUD exposure (UK, Canada, Australia operations)medium
Sun's UK, Canada and Australia investments/operations were 14.4% of total shareholders' equity at year-end 2025; a 10% strengthening of the US dollar against GBP/CAD/AUD would have reduced total shareholders' equity by ~$101.6 million.
“At December 31, 2025 and 2024, our shareholder's equity included $1.0 billion and $672.3 million from our investments and operations in the United Kingdom, Canada, and Australia, which collectively represented 14.4% and 9.3% of total shareholder's equity, respectively. Based on our sensitivity analysis, a 10.0% strengthening of the U.S. dollar against the British pound sterling, Canadian dollar, and Australian dollar would have caused a reduction of $101.6 million and $67.2 million to our total shareholder's equity at December 31, 2025 and 2024, respectively.”
SEC filing →As of 2026
Geographic concentration
- Florida (26.4%), Michigan (19.4%), UK (12.1%)medium
Sun's communities are concentrated by developed sites in Florida (26.4%), Michigan (19.4%), the UK (12.1%), Texas (6.1%) and California (4.9%), exposing occupancy, rents and property values to downturns in those local economies/real-estate markets.
“As of December 31, 2025, 125 of our MH, RV, and UK communities, representing 26.4% of developed sites, are located in Florida; 89 communities, representing 19.4% of developed sites, are located in Michigan; 53 communities, representing 12.1% of developed sites, are located in the UK; 29 communities, representing 6.1% of developed sites, are located in Texas; and 37 communities, representing 4.9% of developed sites, are located in California.”
SEC filing →As of 2026
Litigation
- manufactured-home lot-rents antitrust litigationmedium
Sun is a defendant in consolidated putative class actions (In re Manufactured Home Lot Rents Antitrust Litigation) alleging it and other large MH operators shared competitively sensitive non-public information via Datacomp to maintain artificially high site rents; plaintiffs seek injunctive relief and damages.
“Since August 31, 2023, several putative class action complaints have been filed in the U.S. District Court for the Northern District of Illinois, Eastern Division, against Datacomp Appraisal Systems, Inc., us, and several other large MH operators in the U.S. The complaints allege that the defendants have violated federal antitrust laws by sharing and receiving competitively sensitive non-public information to maintain artificially high site rents.”
SEC filing →As of 2026
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