Sun Communities, Inc. reported third‑quarter 2025 results, posting net income attributable to common shareholders of $0.07 per diluted share, a sharp decline from $2.31 per diluted share in the same quarter of 2024, and a net loss from continuing operations of $0.05 per diluted share. Core FFO per share was $2.28, down from $2.36 in Q3 2024.
Same‑property NOI for North America grew 5.4% year‑over‑year, while blended occupancy for manufactured housing and recreational vehicle sites reached 99.2%, up 130 basis points from the prior year. UK same‑property NOI increased 3.7%–4.4% year‑over‑year.
The company completed the sale of its remaining Safe Harbor Marinas subsidiaries, a divestiture that closed the company’s maritime portfolio and freed capital for future growth. It also announced the acquisition of 14 manufactured housing and RV communities for $457 million, expanding its portfolio in key growth markets.
More than $1.0 billion has been returned to shareholders through special cash distributions and share repurchases during the year, underscoring Sun Communities’ focus on capital allocation.
Sun Communities raised its full‑year Core FFO per share guidance to $6.59–$6.67, increased North America same‑property NOI growth guidance by 35 basis points to 4.6%–5.6%, and lifted UK same‑property NOI growth guidance to 3.7%–4.4%. Preliminary 2026 rental‑rate guidance is 5.0% for manufactured housing, 4.0% for annual RV, and 4.1% for UK sites.
Management cited strong demand for affordable housing and recreational properties, while noting that the decline in net income was driven by a net loss from continuing operations and one‑time charges related to the divestiture of the marinas.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.