Edwyn
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Revenue | $1,398 | $2,273 | $2,970 | $3,225 | $3,221 |
| Gross Profit | $1,266 | $2,067 | $2,659 | -$110 | -$88 |
| Operating Income | N/A | N/A | N/A | N/A | N/A |
| Net Income | $132 | $408 | $261 | -$207 | $104 |
Over the five-year period, SUN COMMUNITIES, INC has demonstrated robust revenue growth, with revenues increasing from approximately 1,398 million USD in 2020 to around 3,221 million USD in 2024. Notably, the jump from 2020 to 2021 represents an increase of over 62%, while growth continued steadily in 2022 with a further increase of about 31%. However, by 2023 and 2024, revenue growth stabilized, with only marginal changes. Despite the strong revenue performance, gross profit performance experienced significant volatility. In the first three years, gross profit remained healthy and positive, peaking in 2022 at 2,658.5 million USD. Yet, a marked decline ensued in 2023, when gross profit turned negative at -109.8 million USD, a swing of more than 100% compared to previous years, and remained negative in 2024 at -88.2 million USD. Net income trends further underscore this volatility. In 2020, net income was a modest 131.6 million USD, escalating sharply to 408.3 million USD in 2021 before declining to 261.4 million USD in 2022. The year 2023 saw a significant downturn, with net income plummeting to -206.9 million USD—a drop exceeding 100% from the prior year—before partially rebounding to 103.6 million USD in 2024. With operating income consistently reported as zero throughout the period, the fluctuations in net income appear to drive the company’s overall profitability profile. In the context of the REIT industry, where margin stability and sustainable earnings are key, these mixed results may warrant closer scrutiny of cost structures, pricing strategies, or one-off expenses influencing the recent downturns. Overall, while revenue growth remains strong, the deterioration in gross profit and net income raises concerns regarding cost management and operational sustainability.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.