Net Loss per Diluted Share of $0.07 for the Quarter
Core FFO per Share of $1.40 for the Quarter
North America Same Property NOI Grew by 6.3% for the Quarter Driven by Strength Across Both MH and RV
North America Same Property Adjusted Blended Occupancy for MH and RV of 98.7%
Raising Full-Year 2026 Core FFO per Share Guidance by $0.04, an Approximately 60 Basis Points Increase, to $6.87 to $7.07
Increasing North American Same Property NOI Growth Guidance by Approximately 25 Basis Points, to 4.2% - 5.2%
Southfield, MI, April 27, 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 first quarter results for 2026.
Financial Results for the Quarter Ended March 31, 2026
For the quarter ended March 31, 2026, net loss attributable to common shareholders was $8.7 million, or $0.07 per diluted share, compared to a net loss attributable to common shareholders of $42.8 million, or $0.34 per diluted share for the same period in 2025.
Non-GAAP Financial Measures
Core Funds from Operations ("Core FFO") for the quarter ended March 31, 2026, was $1.40 per common share and convertible securities ("Share"), as compared to $1.26 for the same period in 2025.
Same Property Net Operating Income ("NOI")
North America Same Property NOI for MH and RV increased by $13.6 million, or 6.3%, for the quarter ended March 31, 2026, as compared to the corresponding period in 2025.
UK Same Property NOI increased by $0.2 million, or 1.6%, on a constant currency basis, for the quarter ended March 31, 2026, as compared to the corresponding period in 2025.
"I'm pleased with the Company's strong first quarter results, continuing our momentum as we execute on our strategy," said Charles Young, Chief Executive Officer. "We drove better than expected results across our North America portfolio, where same property MH and RV NOI increased 6.3%, reflecting the strength of our portfolio and the sustained demand for our communities. Our strategy is anchored in three core pillars: disciplined capital allocation, optimization of our platform, and targeted investment in our communities, infrastructure, and digital capabilities. As we look ahead, I am confident that our strategy combined with successful execution of our capital priorities 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 97.8% occupied at March 31, 2026, as compared to 98.0% at March 31, 2025.
Same Property Results
For the properties owned and operated by the Company since at least January 1, 2025, the following table reflects the percentage changes for the quarter ended March 31, 2026, as compared to the same period in 2025:
Quarter Ended March 31, 2026
North America
MH
RV
Total
UK
Revenue
6.6
%
4.2
%
5.9
%
5.3
%
Expense
7.8
%
2.3
%
5.2
%
7.3
%
NOI
6.3
%
6.3
%
6.3
%
1.6
%
As of March 31, 2026
MH
RV
MH / RV
UK
Number of Properties
282
157
439
52
North America Same Property adjusted blended occupancy for MH and RV remained unchanged at 98.7% at March 31, 2026, from 98.7% at March 31, 2025.
INVESTMENT ACTIVITY
During the quarter ended March 31, 2026, the Company completed the acquisition of two properties for total cash consideration of $27.6 million.
Refer to page 12 for additional details related to the Company's acquisition and disposition activity.
BALANCE SHEET, CAPITAL MARKETS ACTIVITY, AND OTHER ITEMS
As of March 31, 2026, the Company had $4.3 billion in debt outstanding with a weighted average interest rate of 3.4% and a weighted average maturity of 6.8 years. At March 31, 2026, the Company's Net Debt to trailing twelve-month Recurring EBITDA ratio was 3.7 times.
Stock Repurchase Program
During the quarter ended March 31, 2026, the Company repurchased approximately 0.5 million shares of the Company's common stock at an average price of $126.45 per share for a total of $60.1 million.
2026 GUIDANCE
The Company is updating full-year and establishing second quarter 2026 guidance for diluted EPS and Core FFO per Share and certain other items as follows:
Second Quarter Ending June 30, 2026
Full Year Ending December 31, 2026
Low
High
Low
High
Diluted EPS attributable to the Consolidated Portfolio(a)(b)
$
0.62
$
0.70
$
2.16
$
2.36
Depreciation and amortization
1.01
1.01
4.06
4.06
Gain on sale of assets
(0.05
)
(0.05
)
(0.15
)
(0.15
)
Distributions on preferred OP units
0.02
0.02
0.09
0.09
Noncontrolling interest
0.04
0.04
0.11
0.11
Transaction costs and other non-recurring G&A expenses
0.07
0.07
0.28
0.28
Deferred tax benefit
—
—
0.05
0.05
Difference in weighted average share count attributed to dilutive convertible securities
(0.03
)
(0.03
)
(0.09
)
(0.09
)
(Gain) / loss on foreign currency exchanges
—
—
0.19
0.19
Business interruption insurance income
0.02
0.02
0.10
0.10
Other adjustments
0.01
0.01
0.07
0.07
Core FFO per Share attributable to the Consolidated Portfolio(a)(b)
$
1.71
$
1.79
$
6.87
$
7.07
(a) The diluted share counts for both the quarter ending June 30, 2026 and the year ending December 31, 2026 are estimated to be 127.4 million and 127.5 million, respectively, which assumes full conversion of all equity participating units, including common and preferred OP units, into the Company's common stock.(b) The Company's guidance translates forecasted results from operations in the UK using the relevant exchange rate provided. Exchange rates are as follows: U.S. dollar ("USD") to British pound sterling ("GBP") is 1.30; USD to Canadian dollar ("CAD") is 0.72; and USD to Australian dollar ("AUD") is 0.64. The impact of fluctuations in Canadian and Australian foreign currency rates on guidance are not material.
Supplemental Guidance Tables:
Same Property Portfolio (in millions and %)
FY 2025 Actual Results
Expected Change in 2026
April 27, 2026 Update
Prior FY Range
North America (MH and RV)
Revenues from real property
$
1,457.1
3.9
%
-
4.6
%
3.7
%
-
4.4
%
Total property operating expenses
488.3
3.2
%
-
3.6
%
3.1
%
-
3.5
%
Total North America Same Property NOI(a)
$
968.8
4.2
%
-
5.2
%
3.9
%
-
5.0
%
MH NOI (282 properties)
$
688.3
5.7
%
-
6.7
%
5.4
%
-
6.4
%
RV NOI (156 properties)
$
280.5
0.0
%
-
1.8
%
0.0
%
-
1.8
%
UK (52 properties)
Revenues from real property
$
160.6
5.1
%
-
5.9
%
5.1
%
-
5.9
%
Total property operating expenses
79.8
8.4
%
-
9.4
%
8.4
%
-
9.4
%
Total UK Same Property NOI(a)(b)
$
80.8
0.9
%
-
3.4
%
0.9
%
-
3.4
%
For the second quarter ending June 30, 2026, the Company's guidance range assumes North America Same Property NOI growth of 3.2% - 4.9% and UK Same Property NOI growth of (1.3)% - 1.7% on a constant currency basis.
Consolidated Portfolio Guidance For 2026(in millions, excluding marinas)
FY 2025 Actual Results
April 27, 2026 Update at the Midpoint
Prior FY 2026 Guidance at the Midpoint
Ancillary NOI
$
28.0
$
28.0
$
28.0
Interest income
$
48.5
$
21.0
$
20.0
Brokerage commissions and other, net(c)
$
43.6
$
46.5
$
45.5
FFO contribution from North American home sales
$
6.6
$
3.0
$
3.0
FFO contribution from UK home sales
$
48.5
$
49.5
$
49.5
General and administrative expenses excluding non-recurring expenses
$
203.0
$
212.0
$
212.0
Interest expense
$
221.0
$
148.5
$
149.5
Current tax expense
$
10.8
$
14.0
$
14.0
Contribution
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
0
%
43
%
36
%
21
%
UK
19
%
31
%
31
%
19
%
Consolidated Ancillary NOI
(12
)%
33
%
75
%
4
%
Consolidated EBITDA
19
%
26
%
32
%
23
%
Core FFO per Share(d)
20
%
25
%
33
%
22
%
Footnotes to Supplemental Guidance Tables:
(a)
Total North America Same Property results net $95.6 million and $102.4 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 $20.3 million and $22.1 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 on page 10 for reported numbers. Prior to constant currency adjustments, the Company expects UK Same Property NOI to decrease by (4.0)% 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 April 27, 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 first quarter results will be held on Tuesday, April 28, 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 May 12, 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 13759335. 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, 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 March 31, 2026, the Company owned, operated, or had an interest in a portfolio of 515 developed MH, RV, and UK properties comprising approximately 179,300 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 March 31, 2026
MH & RV Properties
Properties
MH & Annual RV
Transient RV Sites
Total Sites
Location
Sites
Occupancy %
North America
Florida
125
42,670
97.0
%
4,560
47,230
Michigan
90
34,390
98.0
%
540
34,930
California
37
7,020
99.6
%
1,800
8,820
Texas
29
9,340
98.1
%
1,560
10,900
Connecticut
16
1,900
96.6
%
110
2,010
Maine
15
2,550
97.4
%
990
3,540
New Jersey
13
3,520
100.0
%
980
4,500
Arizona
11
4,180
98.0
%
820
5,000
Colorado
11
2,970
92.7
%
900
3,870
Indiana
10
2,810
98.8
%
1,000
3,810
New York
10
1,540
99.3
%
1,430
2,970
Maryland
10
910
99.1
%
1,370
2,280
Other
84
19,760
98.9
%
7,760
27,520
Total
461
133,560
97.8
%
23,820
157,380
Properties
UK Properties
Transient Sites
Total Sites
Location
Sites
Occupancy %
United Kingdom
54
17,780
88.8
%
4,140
21,920
Properties
Total Sites
Total Portfolio
515
179,300
Financial and Operating Highlights($ in millions, except Per Share amounts, Unaudited)
Quarters Ended
3/31/2026
12/31/2025
9/30/2025
6/30/2025
3/31/2025
Financial Information
Basic earnings / (loss) per share from continuing operations
$
(0.07
)
$
0.90
$
(0.05
)
$
(1.23
)
$
(0.19
)
Basic earnings / (loss) per share from discontinued operations
—
0.09
0.12
11.25
(0.15
)
Basic earnings / (loss) per share
$
(0.07
)
$
0.99
$
0.07
$
10.02
$
(0.34
)
Diluted earnings / (loss) per share from continuing operations
$
(0.07
)
$
0.90
$
(0.05
)
$
(1.23
)
$
(0.19
)
Diluted earnings / (loss) per share from discontinued operations
—
0.09
0.12
11.25
(0.15
)
Diluted earnings / (loss) per share
$
(0.07
)
$
0.99
$
0.07
$
10.02
$
(0.34
)
Cash distributions declared per common share(a)
$
1.12
$
1.04
$
1.04
$
1.04
$
0.94
FFO per Share(b)
$
0.95
$
2.15
$
2.18
$
1.36
$
1.07
Core FFO per Share(b)
$
1.40
$
1.40
$
2.28
$
1.76
$
1.26
Real Property NOI(b)
MH
$
185.7
$
178.8
$
171.8
$
168.6
$
172.5
RV
50.7
53.3
115.5
72.9
44.7
UK
10.5
16.5
32.9
22.1
9.2
Total
$
246.9
$
248.6
$
320.2
$
263.6
$
226.4
Recurring EBITDA(b)
$
195.2
$
206.2
$
335.7
$
291.3
$
236.7
TTM Recurring EBITDA / Interest(b)
6.0 x
4.9 x
4.4 x
3.8 x
3.6 x
Net Debt / TTM Recurring EBITDA(b)
3.7 x
3.4 x
3.3 x
2.9 x
5.9 x
Balance Sheet
Total assets
$
12,358.8
$
12,522.9
$
12,800.3
$
13,362.1
$
16,505.6
Total debt
$
4,246.2
$
4,258.7
$
4,271.7
$
4,283.5
$
7,348.1
Total liabilities
$
5,299.1
$
5,194.4
$
5,438.0
$
5,570.0
$
9,235.4
Operating Information
Properties
MH
295
294
284
284
284
RV
166
166
164
164
165
UK
54
53
53
53
53
Total
515
513
501
501
502
Sites
MH
100,830
100,150
97,070
97,380
97,320
Annual RV
32,730
33,330
32,480
32,100
31,960
Transient
23,820
23,550
23,560
23,440
23,810
UK annual
17,780
17,750
17,650
17,510
17,510
UK transient
4,140
3,870
3,920
4,020
4,250
Total sites
179,300
178,650
174,680
174,450
174,850
Occupancy
MH
97.1
%
97.2
%
97.9
%
97.4
%
97.3
%
Annual RV
100.0
%
100.0
%
100.0
%
100.0
%
100.0
%
Blended MH and annual RV
97.8
%
97.9
%
98.4
%
98.1
%
98.0
%
UK annual
88.8
%
89.1
%
90.7
%
90.3
%
89.8
%
MH and RV Revenue Producing Site Net Gains(c)
MH leased sites, net
16
178
152
170
47
RV leased sites, net
(324
)
(37
)
371
288
(31
)
Total leased sites, net
(308
)
141
523
458
16
(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)
March 31, 2026
December 31, 2025
Assets
