Sun Communities Inc

SUI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$114.00	Cvmp	Vdlfmhdx

Initiating Coverage on Manufactured Housing REITs Sun Communities and Equity Lifestyle Properties

Kevin Brown

Jun 20, 2023

We are initiating coverage on manufactured housing-REIT Equity Lifestyle Properties with a fair value estimate of $77 per share and on manufactured housing-REIT Sun Communities with a fair value estimate of $173 per share. We assign both companies a no-moat rating, a Medium Uncertainty rating, and a Standard Capital Allocation rating. We view both companies as currently trading a material discount to our fair value estimates at current prices.

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