SUI · 10-Q · 2026Q1 · Full report

Capital Return / ATM Program

SUN COMMUNITIES INC · 2026-04-28 · Importance 64 · Surprise 42

The company is executing an active capital return program: the Board authorized up to $1.0 billion for share repurchases (May 2025 through April 30, 2026) and an ATM with $1.25 billion capacity. Through March 31, 2026 Sun repurchased and retired 4.8 million shares at a total cost of $599.2 million and repurchased 0.5 million shares in the quarter for $60.1 million. The company had $400.8 million remaining authorized under the repurchase program and continues to weigh share repurchases alongside selective acquisitions and development reinvestment.

Key facts

• In May 2025, the Board authorized a stock repurchase program to repurchase up to $1.0 billion in shares of common stock through April 30, 2026.
• Sun Communities entered into an ATM program to sell up to $1.25 billion of common stock and through March 31, 2026 had entered into and settled forward sales agreements for an aggregate gross sales price of $524.8 million, leaving $725.2 million available.
• As of March 31, 2026, Sun Communities had $400.8 million remaining authorized for purchase under the Stock Repurchase Program.
• Through March 31, 2026, Sun Communities repurchased 0.5 million shares of common stock at an average cost of $126.45 per share for a total of $60.1 million during 2026.
• Through March 31, 2026, Sun Communities repurchased and retired 4.8 million shares of common stock for $599.2 million since program inception.
• Weighted average common shares and OP units outstanding for the three months ended March 31, 2026 were 127.6 million compared to 132.2 million for the three months ended March 31, 2025.

Impact estimates