Sun Communities is a REIT that owns and operates manufactured housing (MH) communities, RV communities, and UK holiday parks. Following the $5.65B sale of its Safe Harbor Marinas business in 2025, Sun is now a pure-play community operator with 513 properties — 294 MH, 166 RV, and 53 UK holiday parks — totaling roughly 178,650 developed sites across the U.S., Canada, and the UK. Sun's core business is collecting site rent: Sun owns the land and infrastructure, and residents or guests own or rent the homes placed on those sites. MH is the most stable segment, with ~98% occupancy and resident tenures averaging ~21 years, making it a highly predictable, recurring income stream. Sun raises MH rents roughly 5% annually and benefits from structural supply constraints on new MH community development. The RV segment, branded Sun Outdoors, serves both annual and transient guests; Sun has been actively converting transient sites to annual leases to grow recurring income. UK holiday parks operate under a slightly different model, where homeowners purchase a holiday home and pay annual site fees under long-term license agreements, with short-stay vacation rentals serving as a sales pipeline. Sun also sells and leases homes through its Sun Home Services subsidiary, supporting occupancy and providing a rental-to-ownership pipeline, though site rent is the primary earnings driver. Sun operates as an UPREIT and distributes the majority of taxable income to shareholders.