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Sun Communities
Sun Communities (SUI) investor relations material
Sun Communities Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Charles Young was appointed CEO effective October 1, 2025, emphasizing operational excellence, disciplined capital allocation, and long-term growth, while supporting the team and focusing on core MH and RV segments after the Safe Harbor Marinas divestiture.
Completed the sale of Safe Harbor Marinas for $5.65 billion, fully divesting the marina business and enhancing financial flexibility.
Net income per diluted share was $0.07 for Q3 2025, including income from discontinued operations, while Core FFO per share was $2.28 for the quarter and $5.28 for the nine months ended September 30, 2025.
North America Same Property NOI for MH and RV increased 5.4% year-over-year for the quarter; adjusted blended occupancy rose to 99.2%.
Acquired 14 communities for $457 million after quarter-end.
Financial highlights
Q3 2025 net income attributable to common shareholders was $8.5 million, down from $288.7 million in Q3 2024; nine-month net income was $1.24 billion, up from $313.4 million year-over-year, driven by the Safe Harbor Sale gain.
Q3 2025 revenues were $697.2 million, up from $680.4 million in Q3 2024; nine-month revenues were $1.79 billion, up from $1.75 billion year-over-year.
Core FFO per share was $2.28 for Q3 2025 and $5.28 for the nine months, compared to $2.36 and $5.41, respectively, in 2024.
North America Same Property NOI for MH and RV increased by $14.5 million (5.4%) for the quarter; UK Same Property NOI increased by $1.7 million (5.4%).
Special $4.00 per share cash distribution paid in May 2025 following the Safe Harbor Sale.
Outlook and guidance
2025 core FFO per share guidance raised to $6.59–$6.67, reflecting operational strength and capital actions.
North America Same Property NOI growth guidance increased to 4.6%–5.6%; UK Same Property NOI growth guidance to 3.7%–4.4%.
Preliminary 2026 rental rate guidance: 5.0% for MH, 4.0% for annual RV, and 4.1% for UK.
Management expects continued rental rate growth above inflation, ongoing expense management, and strong organic cash flow growth for the remainder of 2025.
Focus remains on core MH and RV segments, with selective acquisitions and development in a higher interest rate environment.
Charles, detail data-driven operational enhancements
U.K. portfolio: long-term hold strategy?
RV annual rent increase: rationale for 4%?
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Next Sun Communities earnings date
Q4 202525 Feb, 2026
Sun Communities
Next Sun Communities earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Homes for recreation
Sun Communities is a Canadian real estate investment trust (REIT) that owns and operates over 200 manufactured home communities. They have developed more than 400 properties into appealing communities since Milton M. Shiffman started the company in 1975. Today, they have a mix of recreational vehicles (RV), marinas, and mobile homes, representing over 60 percent of their portfolio.
Sun Communities were listed on the New York Stock Exchange in 1993.
People who are interested in Sun Communities are usually curious about the following companies: Essex Property Trust, Equity LifeStyle Properties, and Equity Residential.
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