SUI · 10-Q · 2026Q1 · Full report
Rental Program / Capital Expenditures
SUN COMMUNITIES INC · 2026-04-28 · Importance 64 · Surprise 42
Total capital expenditures and related activities were $107.0 million for the quarter, roughly flat year‑over‑year, with recurring capex of $14.1 million and substantial investment in the rental program ($54.4 million). Expansion and development spending was $17.2 million, while lot modifications and capital improvements to recent acquisitions also comprise meaningful amounts. Management continues to invest in the rental program and targeted growth projects to support rental income and property enhancements.
Key facts
- Gross investment in occupied rental homes at March 31, 2026 was $961.0 million, an 18.3% increase from $812.1 million at March 31, 2025.
- MH annual sites included 12,800 rental homes in the rental program as of March 31, 2026, up from 11,262 at March 31, 2025.
- Rental program capital expenditures for the three months ended March 31, 2026 were $54.4 million.
- Total non-recurring capital expenditures and related activities for the three months ended March 31, 2026 were $92.9 million and total capital expenditure and related activities were $107.0 million.
- Total recurring capital expenditures for the three months ended March 31, 2026 were $14.1 million.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | realized | +1.2% | Gross investment in occupied rental homes at March 31, 2026 was $961.0 million, an 18.3% increase from $812.1 million at March 31, 2025. |
| cash | negative | realized | -0.8% | Total non-recurring capital expenditures and related activities for the three months ended March 31, 2026 were $92.9 million and total… |
| assets | positive | realized | +0.8% | Total non-recurring capital expenditures and related activities for the three months ended March 31, 2026 were $92.9 million and total… |
| revenue | positive | realized | — | MH annual sites included 12,800 rental homes in the rental program as of March 31, 2026, up from 11,262 at March 31, 2025. |