Sun Communities (SUI) Q1 2026 earnings summary

Executive summary

• Delivered Core FFO per share of $1.40 in Q1 2026, up from $1.26 year-over-year, exceeding guidance and prompting a full-year guidance raise.

• Portfolio comprised 515 properties across the U.S., Canada, and U.K. as of March 31, 2026, focused on MH, RV, and UK holiday park segments.

• Strong performance driven by MH and RV segments, with high occupancy and stable recurring income.

• Strategic focus on operational efficiency, disciplined capital allocation, and selective acquisitions following the $5.65 billion Safe Harbor Marinas divestiture in 2025.

• Positioned for organic growth in 2026 with expected rental rate increases, occupancy gains, and expense management.

Financial highlights

• Total revenues for Q1 2026 were $507.9 million, up 8.0% from $470.2 million in Q1 2025.

• Core FFO rose to $179.1 million ($1.40 per share) from $167.1 million ($1.26 per share) year-over-year.

• Net loss attributable to common shareholders was $8.7 million, a significant improvement from a $42.8 million loss in Q1 2025.

• NOI increased 7.3% to $255.4 million from $238.1 million year-over-year.

• Cash, cash equivalents, and restricted cash totaled $497.0 million at quarter-end.

Outlook and guidance

• Raised full-year 2026 Core FFO per share guidance to $6.87–$7.07 (midpoint $6.97), a $0.04 increase.

• North America full-year same-property NOI growth expected at 4.2%–5.2%, with MH at 6.2% and RV at 0.9%.

• UK Same Property NOI expected to grow 0.9%–3.4% for 2026 on a constant currency basis.

• Guidance reflects completed acquisitions and capital markets activity through April 27, 2026; does not assume future acquisitions or additional buybacks.

• Q2 2026 Core FFO per share guidance set at $1.71–$1.79.