Sun Communities, Inc. reported strong second-quarter 2025 results, with Net Income per Diluted Share of $10.02, inclusive of income from discontinued operations, and Core FFO per Share of $1.76. North America Same Property Net Operating Income (NOI) for Manufactured Housing (MH) and Recreational Vehicle (RV) increased by 4.9%, with blended occupancy at 99.0%.
The company detailed significant capital returns to shareholders, including a one-time special cash distribution of $4.00 per share, totaling $521.3 million. Additionally, Sun Communities repurchased approximately 1.6 million shares of its common stock for $202.8 million during the quarter, bringing year-to-date repurchases through July 30, 2025, to 2.4 million shares for $300.3 million.
Sun Communities continued its debt reduction efforts, repaying $1.6 billion under its senior credit facility and $737.7 million of secured mortgage debt, and completing the redemption of $956.5 million in unsecured senior notes. The company's Net Debt to trailing twelve-month Recurring EBITDA ratio improved to 2.9 times as of June 30, 2025.
The company also repurchased the titles to 22 UK properties, previously controlled via ground leases, for $199.2 million, recording a lease termination gain of $26.0 million. Reflecting these strong results and strategic actions, Sun Communities raised its full-year 2025 Core FFO per Share guidance to a range of $6.51 to $6.67.
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