Net Income per Diluted Share of $0.99 for the Fourth Quarter and $10.84 for the Full Year of 2025
Core FFO per Share of $1.40 for the Fourth Quarter and $6.68 for the Full Year of 2025
North America Same Property NOI increased by 7.9% for the Fourth Quarter and 5.7% for the Full Year of 2025
Acquired 14 MH and RV Communities for $457.0 million and
Distributed Over $1.5 Billion of Capital to Shareholders,
Inclusive of Cash Distributions and Share Repurchases in 2025
Establishing Guidance for 2026, Expecting:
Core FFO per Share of $6.83 to $7.03
North American Same Property NOI Growth of 4.5% at the Midpoint; and
UK Same Property NOI Growth of 2.2% at the Midpoint
Southfield, MI, Feb. 24, 2026 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE:SUI) (the "Company" or "SUI"), a real estate investment trust ("REIT") that owns and operates, or has an interest in, manufactured housing ("MH") and recreational vehicle ("RV") communities (collectively, the "properties"), today reported its fourth quarter and full year results for 2025.
Financial Results for the Quarter and Year Ended December 31, 2025
For the quarter ended December 31, 2025, net income from continuing operations was $119.6 million, or $0.90 per diluted share, compared to a net loss from continuing operations of $241.5 million, or $1.85 per diluted share for the same period in 2024.
For the quarter ended December 31, 2025, net income attributable to common shareholders was $121.9 million, or $0.99 per diluted share, compared to a net loss attributable to common shareholders of $224.4 million, or $1.77 per diluted share for the same period in 2024.
For the year ended December 31, 2025, net income from continuing operations was $0.6 million, or a loss of $0.61 per diluted share, compared to net income from continuing operations of $32.9 million, or $0.12 per diluted share for the same period in 2024.
For the year ended December 31, 2025, net income attributable to common shareholders was $1.4 billion, or $10.84 per diluted share, compared to net income attributable to common shareholders of $89.0 million, or $0.71 per diluted share for the same period in 2024.
Non-GAAP Financial Measures
Core Funds from Operations ("Core FFO") for the quarter and year ended December 31, 2025, was $1.40 per common share and convertible securities ("Share") and $6.68 per Share, respectively, as compared to $1.41 and $6.81 for the same periods in 2024.
Same Property Net Operating Income ("NOI")
North America Same Property NOI for MH and RV increased by $16.6 million and $51.9 million, or 7.9% and 5.7%, respectively, for the quarter and year ended December 31, 2025, as compared to the corresponding periods in 2024.
UK Same Property NOI decreased by $0.5 million and increased by $2.7 million, or (2.6)% and 3.5%, respectively, on a constant currency basis, for the quarter and year ended December 31, 2025, as compared to the corresponding periods in 2024.
"I'm pleased to report that Sun delivered strong fourth quarter results, reflecting the strength of our platform and the quality of our team's execution," said Charles Young, Chief Executive Officer. "Our North America Same Property NOI increased 7.9% in the fourth quarter, reflecting strong underlying fundamentals across our portfolio. During 2025, we invested more than $450 million to acquire high-quality communities and returned over $1.5 billion to our shareholders. Our strategic transformation has created a streamlined, focused platform that is ideally positioned to benefit from the ongoing demand for affordable housing, and our best-in-class balance sheet provides us with exceptional financial flexibility. As we look ahead, I am confident that our strong operational momentum will deliver sustainable growth and create lasting value for all stakeholders, while providing exceptional communities and experiences for our residents and guests."
OPERATING HIGHLIGHTS
North America Portfolio Occupancy
MH and annual RV sites were 97.9% occupied at December 31, 2025, as compared to 98.0% at December 31, 2024.
During the quarter ended December 31, 2025, the number of MH and annual RV revenue producing sites increased by approximately 140 sites.
During the year ended December 31, 2025, the number of MH and annual RV revenue producing sites increased by approximately 1,140 sites.
Same Property Results
For the properties owned and operated by the Company since at least January 1, 2024, excluding properties classified as discontinued operations, the following table reflects the percentage changes for the quarter and year ended December 31, 2025, as compared to the same periods in 2024:
Quarter Ended December 31, 2025
Year Ended December 31, 2025
North America
North America
MH
RV
Total
UK
MH
RV
Total
UK
Revenue
7.3
%
2.7
%
5.9
%
3.7
%
7.2
%
—
%
4.5
%
5.0
%
Expense
3.2
%
0.6
%
2.0
%
10.4
%
2.7
%
1.8
%
2.2
%
6.6
%
NOI
8.8
%
5.0
%
7.9
%
(2.6) %
8.9
%
(1.4) %
5.7
%
3.5
%
As of December 31, 2025
MH
RV
MH / RV
UK
Number of Properties
280
156
436
51
North America Same Property adjusted blended occupancy for MH and RV increased by 40 basis points to 99.1% at December 31, 2025, from 98.7% at December 31, 2024.
INVESTMENT ACTIVITY
During the quarter ended December 31, 2025, as previously disclosed, the Company completed the acquisition of 11 MH and three Annual RV properties for total cash consideration of $457.0 million.
During the quarter ended December 31, 2025, the Company completed the following dispositions:
In December 2025, one MH property for total cash consideration of $10.3 million, with a gain on sale of $4.8 million.
In December 2025, one UK development land parcel for total cash consideration of $10.1 million, with a gain on sale of $4.0 million.
Subsequent to the quarter ended December 31, 2025, the Company acquired one MH property for total cash consideration of $17.0 million.
Refer to page 13 for additional details related to the Company's acquisition and disposition activity.
BALANCE SHEET, CAPITAL MARKETS ACTIVITY, AND OTHER ITEMS
As of December 31, 2025, the Company had $4.3 billion in debt outstanding with a weighted average interest rate of 3.4% and a weighted average maturity of 7.1 years. At December 31, 2025, the Company's Net Debt to trailing twelve-month Recurring EBITDA ratio was 3.4 times.
Stock Repurchase Program
During the quarter ended December 31, 2025, the Company repurchased approximately 0.3 million shares of the Company's common stock at an average price of $124.14 per share for a total of $38.8 million. For the year ended December 31, 2025, the Company repurchased 4.3 million shares of the Company's common stock at an average price of $125.62 per share for a total of $539.1 million. Subsequent to the quarter ended December 31, 2025, through February 24, 2026, the Company repurchased approximately 0.5 million shares of the Company's common stock at an average price of $125.74 per share for a total of $57.3 million.
UK Ground Lease Transactions
For the year ended December 31, 2025, the Company repurchased the titles to 32 UK properties, previously controlled via ground leases, for $386.8 million, inclusive of taxes and fees, and recorded lease termination gains of $51.8 million. As of December 31, 2025, the Company no longer has a financial liability associated with ground leases in the UK.
Distribution Increase
The Company's Board of Directors has approved setting the quarterly distribution rate at $1.12 per common share and unit, an increase of $0.08, or approximately 8%, over the prior quarterly distribution rate of $1.04 per common share and unit.
The new quarterly rate equates to an annual distribution rate of $4.48 per common share and unit and is expected to commence with the first quarter distribution expected to be paid in April 2026. While the Board of Directors has adopted the new annual distribution policy, the amount of each quarterly distribution on the Company's common stock will be subject to approval by the Board of Directors.
2026 GUIDANCE
The Company is establishing full-year and first quarter 2026 guidance for diluted EPS and Core FFO per Share as follows:
First Quarter Ending March 31, 2026
Full Year Ending December 31, 2026
Low
High
Low
High
Diluted EPS attributable to the Consolidated Portfolio(a)
$
0.14
$
0.22
$
2.63
$
2.83
Depreciation and amortization
0.98
0.98
3.93
3.93
Gain on sale of assets
(0.04
)
(0.04
)
(0.17
)
(0.17
)
Distributions on preferred OP units
0.02
0.02
0.09
0.09
Noncontrolling interest
0.01
0.01
0.12
0.12
Transaction costs and other non-recurring G&A expenses
0.11
0.11
0.20
0.20
Difference in weighted average share count attributed to dilutive convertible securities
(0.01
)
(0.01
)
(0.11
)
(0.11
)
Other adjustments(b)
0.03
0.03
0.14
0.14
Core FFO per Share attributable to the Consolidated Portfolio(a)(b)
$
1.24
$
1.32
$
6.83
$
7.03
(a) The diluted share counts for both the quarter ending March 31, 2026 and the year ending December 31, 2026 are estimated to be 127.7 million, which assumes full conversion of all equity participating units, including common and preferred OP units, into the Company's common stock.
(b) Other adjustments consist primarily of business interruption insurance income and other items presented in the table Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO on page 5.
(c) The Company's guidance translates forecasted results from operations in the UK using the relevant exchange rate provided in the table presented below. The impact of fluctuations in Canadian and Australian foreign currency rates on guidance are not material.
Currencies
Exchange Rates
U.S. dollar ("USD") / British pound sterling ("GBP")
1.30
USD / Canadian dollar ("CAD")
0.72
USD / Australian dollar ("AUD")
0.64
Supplemental Guidance Tables:
Same Property Portfolio (in millions and %)
FY 2025 Actual Results
Expected Change in 2026
North America (MH and RV)
Revenues from real property
$
1,458.1
3.7
%
-
4.4
%
Total property operating expenses
488.9
3.1
%
-
3.5
%
Total North America Same Property NOI(a)
$
969.2
3.9
%
-
5.0
%
MH NOI (282 properties)
$
688.3
5.4
%
-
6.4
%
RV NOI (157 properties)
$
280.9
0.0
%
-
1.8
%
UK (52 properties)
Revenues from real property
$
159.6
5.1
%
-
5.9
%
Total property operating expenses
79.2
8.4
%
-
9.4
%
Total UK Same Property NOI(a)(b)
$
80.4
0.9
%
-
3.4
%
For the first quarter ending March 31, 2026, the Company's guidance range assumes North America Same Property NOI growth of 3.2% - 4.4% and UK Same Property NOI growth of (1.7)% - 2.3% on a constant currency basis.
Consolidated Portfolio Guidance For 2026(in millions, excluding marinas)
FY 2025 Actual Results
Expected Results in FY 2026 at the Midpoint
Ancillary NOI
$
28.0
$
28.0
Interest income
$
48.5
$
20.0
Brokerage commissions and other, net(c)
$
43.6
$
45.5
FFO contribution from North American home sales
$
6.6
$
3.0
FFO contribution from UK home sales
$
48.5
$
49.5
General and administrative expenses excluding non-recurring expenses
$
203.0
$
212.0
Interest expense
$
221.0
$
149.5
Current tax expense
$
10.8
$
14.0
Seasonality
1Q26
2Q26
3Q26
4Q26
North America Same Property NOI:
MH
25
%
25
%
25
%
25
%
RV
16
%
25
%
40
%
19
%
Total
22
%
25
%
29
%
24
%
UK Same Property NOI
12
%
28
%
39
%
21
%
Home Sales FFO:
North America
—
%
43
%
36
%
21
%
UK
19
%
31
%
31
%
19
%
Consolidated Ancillary NOI
(15
)%
34
%
76
%
5
%
Consolidated EBITDA
19
%
26
%
32
%
23
%
Core FFO per Share(d)
19
%
26
%
33
%
22
%
Preliminary 2026 Rental Rate Increase
The Company expects to realize the following rental rate increases, on average, during 2026:
Average Rental Rate Increases Expected
North America
MH
5.0
%
Annual RV
4.0
%
UK
4.1
%
Footnotes to Supplemental Guidance Tables:
(a)
Total North America Same Property results net $95.6 million and $101.0 million of utility revenue against the related utility expense in property operating expenses for 2025 results and 2026 guidance, respectively. Total UK Same Property results net $20.1 million and $21.7 million of utility revenue against the related utility expense in property operating expenses for 2025 results and 2026 guidance, respectively.
(b)
The amounts in the UK Same Property Portfolio table reflect constant currency, as British pound sterling figures included within the 2025 actual amounts have been translated at the assumed exchange rates used for 2026 guidance. Refer to Real Property Operations - UK Same Property Portfolio page 11 for reported numbers. Prior to constant currency adjustments, the Company expects UK Same Property NOI to increase by (1.4)% to 1.0% in 2026.
(c)
Brokerage commissions and other, net includes approximately $13.8 million and $12.8 million of business interruption income, and $16.4 million and $19.0 million of income from nonconsolidated affiliates for full year 2025 results and 2026 guidance, respectively. The business interruption income includes the pro rata recognition of the lump sum insurance settlement that was received during the quarter ended December 31, 2025.
(d)
Assumes full conversion of all equity participating units, including common and preferred OP units, into the Company's common stock.
The estimates and assumptions presented above represent a range of possible outcomes and may differ materially from actual results. These estimates include contributions from all acquisitions, dispositions and capital markets activity completed through February 24, 2026. These estimates exclude all other prospective acquisitions, dispositions and capital markets activity. The estimates and assumptions are forward-looking based on the Company's current assessment of economic and market conditions and are subject to the other risks outlined below under the caption Cautionary Statement Regarding Forward-Looking Statements.
EARNINGS CONFERENCE CALL
A conference call to discuss fourth quarter results will be held on Wednesday, February 25, 2026 at 11:00 A.M. (ET). To participate, call toll-free at (877) 407-9039. Callers outside the U.S. or Canada can access the call at (201) 689-8470. A replay will be available following the call through March 11, 2026 and can be accessed toll-free by calling (844) 512-2921 or (412) 317-6671. The Conference ID number for the call and the replay is 13757256. The conference call will be available live on the Company's website located at www.suninc.com. The replay will also be available on the website.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this document that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments, and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements. Words such as "forecasts," "intend," "goal," "estimate," "expect," "project," "projections," "plans," "predicts," "potential," "seeks," "anticipates," "should," "could," "may," "will," "designed to," "foreseeable future," "believe," "scheduled," "guidance," "target," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements reflect the Company's current views with respect to future events and financial performance, but involve known and unknown risks, uncertainties, and other factors, both general and specific to the matters discussed in this document, some of which are beyond the Company's control. These risks, uncertainties, and other factors may cause the Company's actual results to be materially different from any future results expressed or implied by such forward-looking statements. In addition to the risks described under "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, in Part II, Item 1A of the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2025, and in the Company's other filings with the Securities and Exchange Commission, from time to time, such risks, uncertainties and other factors include, but are not limited to:
∙
The Company's liquidity and refinancing demands;
∙
The Company's ability to obtain or refinance maturing debt;
∙
The Company's ability to maintain compliance with covenants contained in its debt facilities and its unsecured notes;
∙
Availability of capital;
∙
General volatility of the capital markets and the market price of shares of the Company's capital stock;
∙
Increases in interest rates and operating costs, including insurance premiums, real estate taxes, and utilities;
∙
Difficulties in the Company's ability to evaluate, finance, complete, and integrate acquisitions, developments, and expansions successfully;
∙
Competitive market forces;
∙
The ability of purchasers of manufactured homes to obtain financing;
∙
The level of repossessions of manufactured homes;
∙
The Company's ability to maintain effective internal control over financial reporting and disclosure controls and procedures;
∙
Expectations regarding the amount or frequency of impairment losses;
∙
Changes in general economic conditions, including inflation, deflation, energy costs, the real estate industry, the effects of tariffs or threats of tariffs, wars or other international conflicts, trade wars, immigration issues, supply chain disruptions, and the markets within which the Company operates;
∙
Changes in foreign currency exchange rates, including between the U.S. dollar and each of the British pound sterling, Canadian dollar, and Australian dollar;
∙
The Company's ability to maintain its status as a REIT;
∙
Changes in real estate and zoning laws and regulations;
∙
The Company's ability to maintain rental rates and occupancy levels;
∙
Legislative or regulatory changes, including changes to laws governing the taxation of REITs;
∙
Outbreaks of disease and related restrictions on business operations;
∙
Risks related to natural disasters such as hurricanes, earthquakes, floods, droughts, and wildfires; and
∙
Litigation, judgments or settlements, including costs associated with prosecuting or defending claims and any adverse outcomes.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included or incorporated by reference into this document, whether as a result of new information, future events, changes in the Company's expectations or otherwise, except as required by law.
Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to the Company or persons acting on the Company's behalf are qualified in their entirety by these cautionary statements.
Company Overview and Investor Information
The Company
Established in 1975, Sun Communities, Inc. became a publicly owned corporation in December 1993. The Company is a fully integrated REIT listed on the New York Stock Exchange under the symbol: SUI. As of December 31, 2025, the Company owned, operated, or had an interest in a portfolio of 513 developed MH, RV, and UK properties comprising approximately 178,650 developed sites in the U.S., Canada, and the U.K.
For more information about the Company, please visit www.suninc.com.
Company Contacts
Investor Relations
Sara Ismail, Senior Vice President
(248) 208-2500
[email protected]
Corporate Debt Ratings
Moody's
Baa2 | Stable
S&P
BBB+ | Stable
Portfolio Overview as of December 31, 2025
MH & RV Properties
Properties
MH & Annual RV
Transient RV Sites
Total Sites
Sites for Development
Location
Sites
Occupancy %
North America
Florida
125
42,580
97.1
%
4,610
47,190
1,310
Michigan
89
34,190
97.9
%
470
34,660
1,340
California
37
7,020
99.5
%
1,800
8,820
570
Texas
29
9,320
98.6
%
1,580
10,900
3,700
Connecticut
16
1,900
96.8
%
100
2,000
—
Maine
15
2,570
97.4
%
960
3,530
200
New Jersey
13
3,610
100.0
%
890
4,500
10
Arizona
11
4,190
98.0
%
810
5,000
1,120
Colorado
11
2,960
92.4
%
910
3,870
1,390
Indiana
10
2,810
98.8
%
1,010
3,820
180
New York
10
1,560
99.2
%
1,390
2,950
780
Maryland
10
900
99.1
%
1,390
2,290
260
Other
84
19,870
99.2
%
7,630
27,500
1,210
Total
460
133,480
97.9
%
23,550
157,030
12,070
Properties
UK Properties
Transient Sites
Total Sites
Sites for Development
Location
Sites
Occupancy %
United Kingdom
53
17,750
89.1
%
3,870
21,620
2,820
Properties
Total Sites
Total Portfolio
513
178,650
Financial and Operating Highlights($ in millions, except Per Share amounts, Unaudited)
Quarters Ended
12/31/2025
9/30/2025
6/30/2025
3/31/2025
12/31/2024
Financial Information
Basic earnings / (loss) per share from continuing operations
$
0.90
$
(0.05
)
$
(1.23
)
$
(0.19
)
$
(1.84
)
Basic earnings / (loss) per share from discontinued operations
0.09
0.12
11.25
(0.15
)
0.08
Basic earnings / (loss) per share
$
0.99
$
0.07
$
10.02
$
(0.34
)
$
(1.76
)
Diluted earnings / (loss) per share from continuing operations
$
0.90
$
(0.05
)
$
(1.23
)
$
(0.19
)
$
(1.85
)
Diluted earnings / (loss) per share from discontinued operations
0.09
0.12
11.25
(0.15
)
0.08
Diluted earnings / (loss) per share
$
0.99
$
0.07
$
10.02
$
(0.34
)
$
(1.77
)
Cash distributions declared per common share(a)
$
1.04
$
1.04
$
1.04
$
0.94
$
0.94
FFO per Share(b)
$
2.15
$
2.18
$
1.36
$
1.06
$
1.30
Core FFO per Share(b)
$
1.40
$
2.28
$
1.76
$
1.26
$
1.41
Real Property NOI(b)
MH
$
178.8
$
171.8
$
168.6
$
172.5
$
161.9
RV
53.3
115.5
72.9
44.7
50.4
UK
16.5
32.9
22.1
9.2
16.3
Total
$
248.6
$
320.2
$
263.6
$
226.4
$
228.6
Recurring EBITDA(b)
$
206.2
$
335.7
$
291.3
$
236.7
$
271.5
TTM Recurring EBITDA / Interest(b)
4.9 x
4.4 x
3.8 x
3.6 x
3.5 x
Net Debt / TTM Recurring EBITDA(b)
3.4 x
3.3 x
2.9 x
5.9 x
6.0 x
Balance Sheet
Total assets
$
12,522.9
$
12,800.3
$
13,362.1
$
16,505.6
$
16,549.4
Total debt
$
4,258.7
$
4,271.7
$
4,283.5
$
7,348.1
$
7,352.8
Total liabilities
$
5,194.4
$
5,438.0
$
5,570.0
$
9,235.4
$
9,096.8
Operating Information
Properties
MH
294
284
284
284
287
RV
166
164
164
165
167
UK
53
53
53
53
53
Total
513
501
501
502
507
Sites
MH
100,150
97,070
97,380
97,320
97,430
Annual RV
33,330
32,480
32,100
31,960
32,100
Transient
23,550
23,560
23,440
23,810
24,830
UK annual
17,750
17,650
17,510
17,510
17,690
UK transient
3,870
3,920
4,020
4,250
4,340
Total sites
178,650
174,680
174,450
174,850
176,390
Occupancy
MH
97.2
%
97.9
%
97.4
%
97.3
%
97.3
%
Annual RV
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
Blended MH and annual RV
97.9
%
98.4
%
98.1
%
98.0
%
98.0
%
UK annual
89.1
%
90.7
%
90.3
%
89.8
%
89.7
%
MH and RV Revenue Producing Site Net Gains(c)
MH leased sites, net
178
152
170
47
406
RV leased sites, net
(37
)
371
288
(31
)
304
Total leased sites, net
141
523
458
16
710
(a) During the quarter ended June 30, 2025, the Company also paid a one-time special cash distribution of $4.00 per common share and unit.(b) Refer to Definition and Notes for additional information.(c) Revenue producing site net gains do not include occupied sites acquired during the year.
Consolidated Balance Sheets($ in millions, Unaudited)
December 31, 2025
December 31, 2024
Assets
Land
$
3,503.2
$
3,461.5
Land improvements and buildings
9,286.8
9,058.7
Rental homes and improvements
940.2
834.1
Furniture, fixtures and equipment
769.8
739.2
Investment property
14,500.0
14,093.5
Accumulated depreciation
(3,598.3
)
(3,228.4
)
Investment property, net
10,901.7
10,865.1
Cash, cash equivalents and restricted cash(a)
636.1
57.1
Inventory of manufactured homes
142.9
129.8
Notes and other receivables, net
332.1
430.1
Collateralized receivables, net(a)
43.2
51.2
Goodwill
9.5
9.5
Other intangible assets, net
101.5
102.5
Other assets, net
355.9
442.4
Assets held for sale and discontinued operations, net(a)
—
4,461.7
Total Assets
$
12,522.9
$
16,549.4
Liabilities
Mortgage loans payable
$
2,429.0
$
3,212.2
Secured borrowings on collateralized receivables(a)
43.2
51.2
Unsecured debt
1,786.5
4,089.4
Distributions payable
131.1
122.6
Advanced reservation deposits and rent
255.9
249.4
Accrued expenses and accounts payable
228.1
265.8
Other liabilities
320.6
819.3
Liabilities held for sale and discontinued operations, net(a)
—
286.9
Total Liabilities
5,194.4
9,096.8
Commitments and contingencies
Temporary equity
255.7
259.8
Shareholders' Equity
Common stock
1.2
1.3
Additional paid-in capital
9,563.1
9,864.2
Accumulated other comprehensive income / (loss)
26.5
(7.9
)
Distributions in excess of accumulated earnings
(2,634.7
)
(2,775.9
)
Total SUI Shareholders' Equity
6,956.1
7,081.7
Noncontrolling interests
Common and preferred OP units
116.3
110.4
Consolidated entities
0.4
0.7
Total noncontrolling interests
116.7
111.1
Total Shareholders' Equity
7,072.8
7,192.8
Total Liabilities, Temporary Equity and Shareholders' Equity
$
12,522.9
$
16,549.4
(a) Refer to Definitions and Notes for additional information.
Consolidated Statements of Operations($ in millions, except for per share amounts, Unaudited)
Quarter Ended December 31,
Year Ended December 31,
2025
2024
% Change
2025
2024
% Change
Revenues
Real property (excluding transient)(a)
$
376.1
$
349.1
7.7
%
$
1,483.0
$
1,407.2
5.4
%
Real property - transient
37.4
38.7
(3.4) %
282.8
295.9
(4.4) %
Home sales
70.9
88.2
(19.6) %
333.8
369.9
(9.8) %
Ancillary
18.6
17.6
5.7
%
134.0
132.5
1.1
%
Interest
10.3
5.1
102.0
%
48.5
20.1
141.3
%
Brokerage commissions and other, net
1.9
15.9
(88.1) %
24.0
34.9
(31.2) %
Total Revenues
515.2
514.6
0.1
%
2,306.1
2,260.5
2.0
%
Expenses
Property operating and maintenance(a)
137.9
133.0
3.7
%
595.9
584.0
2.0
%
Real estate tax
27.0
26.2
3.1
%
111.1
103.8
7.0
%
Home costs and selling
63.3
70.1
(9.7) %
263.8
273.1
(3.4) %
Ancillary
18.4
18.0
2.2
%
106.0
108.9
(2.7) %
General and administrative
62.7
60.2
4.2
%
236.7
230.5
2.7
%
Catastrophic event-related charges, net
0.1
13.3
(99.2) %
1.2
23.6
(94.9) %
Depreciation and amortization
130.6
122.4
6.7
%
507.9
490.5
3.5
%
Asset impairments(a)
30.7
36.3
(15.4) %
386.7
66.7
3.5
%
Goodwill impairment
—
180.8
(100.0) %
—
180.8
(100.0) %
Loss on extinguishment of debt
—
—
N/A
104.0
1.4
N/M
Interest
39.2
83.2
(52.9) %
221.0
350.3
(36.9) %
Total Expenses
509.9
743.5
(31.4) %
2,534.3
2,413.6
5.0
%
Income / (Loss) Before Other Items
5.3
(228.9
)
N/M
(228.2
)
(153.1
)
49.1
%
Gain / (loss) on foreign currency exchanges
1.2
(19.6
)
N/M
26.7
(25.8
)
N/M
Gain on dispositions of properties, net
8.8
16.3
(46.0) %
5.1
202.9
N/M
Other income / (expense), net(a)
77.2
(2.5
)
N/M
133.9
(6.8
)
N/M
Loss on remeasurement of notes receivable
—
(35.4
)
(100.0) %
(1.6
)
(36.4
)
(95.6) %
Income from nonconsolidated affiliates
5.3
3.0
76.7
%
16.4
9.5
72.6
%
Gain / (loss) on remeasurement of investment in nonconsolidated affiliates
0.2
0.1
100.0
%
(0.9
)
6.6
N/M
Current tax benefit / (expense)
1.0
2.4
(58.3) %
(10.8
)
(3.6
)
200.0
%
Deferred tax benefit
20.6
23.1
(10.8) %
60.0
39.6
51.5
%
Net Income / (Loss) from Continuing Operations
119.6
(241.5
)
N/M
