Business
Sun Communities Reports Results for the Second Quarter and First Six Months of 2026
Sun Communities Reports Results for the Second Quarter and First Six Months of
About this update from Sun Communities, Inc.
[{"type":"text","content":" Net Loss per Diluted Share of $8.08 for the Quarter, inclusive of a Net Loss from Discontinued Operations Net Income per Diluted Share from Continuing Operations of $0.32 for the Quarter Core FFO per Share of $1.84 for the Quarter Same Property NOI Grew by 6.0% for the Quarter Driven by Strength in Manufactured Housing Same Property Adjusted Blended Occupancy for MH and RV of 98.8% Increasing 2026 Same Property NOI Growth Guidance by 20 Basis Points, to 4.5% - 5.3% Southfield, MI, July 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 second quarter results for 2026. Financial Results for the Quarter and Six Months Ended June 30, 2026 For the quarter ended June 30, 2026, net income attributable to continuing operations was $42.3 million, or $0.32 per diluted share, compared to a net loss from continuing operations of $30.0 million, or $0.74 per diluted share for the same period in 2025. For the quarter ended June 30, 2026, net loss attributable to common shareholders was $992.7 million, or $8.08 per diluted share, compared to net income attributable to common shareholders of $1.3 billion, or $10.02 per diluted share for the same period in 2025. For the six months ended June 30, 2026, net income attributable to continuing operations was $60.7 million, or $0.47 per diluted share, compared to a net loss from continuing operations of $51.7 million, or $0.92 per diluted share for the same period in 2025. For the six months ended June 30, 2026, net loss attributable to common shareholders was $1.0 billion, or $8.10 per diluted share, compared to net income attributable to common shareholders of $1.2 billion, or $9.68 per diluted share for the same period in 2025. Non-GAAP Financial Measures Funds from Operations (\"FFO\") for the quarter and six months ended June 30, 2026, was $1.77 and $2.71, respectively, per common share and convertible securities (\"Share\"), as compared to $1.36 and $2.43 for the same periods in 2025. Core Funds from Operations (\"Core FFO\") for the quarter and six months ended June 30, 2026, was $1.84 and $3.24, respectively, per common share and convertible securities (\"Share\"), as compared to $1.76 and $3.02 for the same periods in 2025. Same Property Net Operating Income (\"NOI\") increased by $14.4 million and $28.0 million, or 6.0% and 6.1%, respectively, for the quarter and six months ended June 30, 2026, as compared to the corresponding period in 2025. \"We delivered another strong quarter, exceeding the high end of our guidance while demonstrating the strength of our Manufactured Housing and RV portfolio,\" said Charles Young, Chief Executive Officer. \"Supported by durable demand for attainable housing and outdoor vacationing, together with disciplined expense management, we continue to execute on our strategic priorities. The planned sale of our UK platform further simplifies our business and sharpens our focus on our core portfolio. As we maintain our disciplined approach to capital allocation, we are investing in our people, technology, and communities to optimize our platform, and our full-year guidance reflects our confidence in the business and the opportunities ahead.\" OPERATING HIGHLIGHTS Portfolio Occupancy MH and annual RV sites were 97.9% occupied at June 30, 2026, as compared to 98.1% at June 30, 2025. During the quarter ended June 30, 2026, the number of MH and annual RV revenue producing sites increased by approximately 250 sites. Same Property Results For the properties owned and operated by the Company since at least January 1, 2025, excluding properties classified as discontinued operations, the following table reflects the percentage changes for the quarter and six months ended June 30, 2026, as compared to the same period in 2025: Quarter Ended June 30, 2026 Six Months Ended June 30, 2026 MH RV Total MH RV Total Revenue 6.2 % 0.0 % 3.9 % 6.4 % 1.7 % 4.8 % Expense (0.7) % 0.8 % 0.1 % 3.3 % 1.3 % 2.3 % NOI 8.8 % (0.7) % 6.0 % 7.5 % 2.0 % 6.1 % As of June 30, 2026 MH RV Total Number of Properties 282 152 434 Same Property adjusted blended occupancy for MH and RV declined by 10 basis points to 98.8% at June 30, 2026, from 98.9% at June 30, 2025. INVESTMENT ACTIVITY During the quarter ended June 30, 2026, the Company sold a total of six RV properties in two transactions. 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 June 30, 2026, the Company had $4.1 billion in debt outstanding with a weighted average interest rate of 3.3% and a weighted average maturity of 6.9 years. At June 30, 2026, the Company's Net Debt to trailing twelve-month Recurring EBITDA ratio was 3.9 times. Park Holidays Sale As previously announced, during the quarter ended June 30, 2026, the Company entered into an agreement to sell (the \"Park Holidays Sale\") all of the outstanding equity of the subsidiaries through which the Company operates its business in the United Kingdom (collectively, \"Park Holidays\" or the \"UK business\") for a base consideration amount of £785.7 million (or approximately $1.04 billion). The total cash consideration received at closing is subject to certain customary locked box adjustments. The transaction is subject to receipt of a required regulatory approval from the UK Financial Conduct Authority, and is expected to close in the second half of 2026. Reporting Changes As a result of the Park Holidays Sale, the results of the UK business and assets and liabilities included in the disposition are presented as held for sale and as discontinued operations for all periods presented herein. During the quarter ended June 30, 2026, the Company recorded a non-cash valuation allowance charge of $1.1 billion to reduce the net assets of the UK business to its estimated fair value less costs to sell in accordance with its presentation as a discontinued operation. Unless otherwise noted, the information disclosed in this Earnings Release and Supplemental Package refer only to continuing operations and do not include discussion of balances or activity related to discontinued operations, including the UK business. The Company has also revised its reporting structure to two segments, which consist of (i) MH communities, and (ii) RV communities. The new structure removes the UK business from the Company's operating segments as a result of its classification as a discontinued operation and reflects how the chief operating decision maker manages the business, makes operating decisions, allocates resources, and evaluates operating performance. Stock Repurchase Program Effective May 27, 2026, the Company's Board of Directors authorized a stock repurchase program (the \"Stock Repurchase Program\") under which the Company may repurchase up to $1.0 billion of its common stock through May 27, 2027. The Stock Repurchase Program renewed the Company's previous stock repurchase program and provides the Company with continued flexibility to repurchase shares of its common stock. During the quarter ended June 30, 2026, the Company repurchased approximately 0.9 million shares of the Company's common stock at an average price of $123.30 per share for a total of $111.1 million. Subsequent to the quarter ended June 30, 2026, through July 22, 2026, the Company repurchased approximately 0.7 million shares of the Company's common stock at an average price of $120.62 per share for a total of $89.0 million. Debt Repayments During the quarter ended June 30, 2026, the Company repaid two mortgage term loans totaling $177.9 million, which unencumbered seven properties. Subsequent to the quarter ended June 30, 2026, the Company repaid two mortgage term loans totaling $258.3 million, which unencumbered 16 properties. 2026 GUIDANCE The Company is updating full-year and establishing third quarter 2026 guidance for Diluted EPS and Core FFO per Share and certain other items as set forth below. The Company's guidance presented in this earnings release does not give effect to the completion of the Park Holidays Sale, or potential use of transaction proceeds, nor does it reflect any impacts therefrom, including any effect of the Park Holidays Sale on Diluted EPS or Core FFO per Share. While the Park Holidays Sale is expected to close in the second half of 2026, it is subject to receipt of regulatory approval. Monthly contribution for the UK business is presented in the UK Contribution table below. For the reasons described above, as well as other factors described elsewhere in this earnings release and in the Company's public reports, the actual results from the Company's business and operations in such period may differ materially from the Company's guidance for that period. Third Quarter Ending September 30, 2026 Full Year Ending December 31, 2026 Low High Low High Diluted EPS attributable to the Consolidated Portfolio (a)(b) $ 1.13 $ 1.23 $ (6.72 ) $ (6.56 ) Core FFO per Share attributable to the Consolidated Portfolio (a)(b)(c) $ 2.23 $ 2.33 $ 6.94 $ 7.10 (a) The diluted share counts for both the quarter ending September 30, 2026 and the year ending December 31, 2026 are estimated to be 125.9 million and 126.6 million, respectively, which assumes full conversion of all equity participating units, including common and preferred OP units, into the Company's common stock. (b) No reconciliation of the forecasted range for FFO per share is included in this release because the Company is unable to quantify certain amounts that would be required to be included in the reconciliation to the comparable GAAP financial measure without unreasonable efforts. In particular, the timing and magnitude of the anticipated loss associated with the disposition of the Company's UK segment remain uncertain. The Company believes that any such reconciliation would imply a degree of precision that could be confusing or misleading to investors and would not be representative of the underlying operating performance of the Company's continuing operations. (c) 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. Same Property Portfolio (in millions and %) FY 2025 Actual Results Expected Change in 2026 July 27, 2026 Update Prior FY Range North America (MH and RV) Revenues from real property $ 1,453.0 3.9 % - 4.6 % 3.9 % - 4.6 % Total property operating expenses 483.7 2.5 % - 2.8 % 3.2 % - 3.6 % Total North America Same Property NOI (a) $ 969.3 4.5 % - 5.3 % 4.2 % - 5.2 % MH NOI (282 properties) $ 688.3 6.1 % - 6.9 % 5.7 % - 6.7 % RV NOI (152 properties) $ 281.0 0.2 % - 1.8 % 0.0 % - 1.8 % For the third quarter ending September 30, 2026, the Company's guidance range assumes North America Same Property NOI growth of 2.0% - 3.5%. Consolidated Portfolio Guidance For 2026 (in millions) FY 2025 Actual Results FY 2026 Guidance Update at Midpoint as of July 27, 2026 Ancillary NOI $ 27.7 $ 24.5 Interest income $ 48.1 $ 21.5 Brokerage commissions and other, net (b) $ 39.2 $ 45.5 FFO contribution from North American home sales $ 6.6 $ 1.5 General and administrative expenses excluding non-recurring expenses $ 165.8 $ 172.0 Interest expense $ 210.7 $ 153.0 Current tax expense $ 3.3 $ 4.0 Contribution from Discontinued Operations (c) $ 77.8 $ 86.2 Contribution 1Q26 2Q26 3Q26 4Q26 North America Same Property NOI: MH 25 % 25 % 25 % 25 % RV 17 % 25 % 39 % 19 % Total 22 % 25 % 29 % 24 % Home Sales FFO - North America 0 % 11 % 72 % 17 % Consolidated Ancillary NOI (2 )% 30 % 65 % 7 % Consolidated EBITDA 20 % 25 % 31 % 24 % Core FFO per Share (d) 21 % 25 % 31 % 23 % UK Contribution 1H26 Jul Aug Sep Oct Nov Dec Contribution from Discontinued Operations (e) 40 % 14 % 20 % 10 % 11 % 4 % 1 % Footnotes to Supplemental Guidance Tables: (a) Total North America Same Property results net $95.6 million and $102.3 million of utility revenue against the related utility expense in property operating expenses for 2025 results and 2026 guidance, respectively. (b) Brokerage commissions and other, net includes approximately $13.8 million and $12.8 million of business interruption income, and $16.4 million and $22.6 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. (c) The Contribution from Discontinued Operations includes the entire net contribution from the UK Business, inclusive of Real Property NOI, Home Sales FFO, Brokerage and Other, General and Administrative Expenses excluding non-recurring items, Interest Expense, and Current Tax Expense. (d) Assumes full conversion of all equity participating units, including common and preferred OP units, into the Company's common stock. (e) The UK business sale is expected to close in the second half of 2026. Illustrative full year contribution from the UK business is shown. 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 July 27, 2026 . These estimates exclude the effects of the Park Holidays Sale and 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 second quarter results will be held on Tuesday, July 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 August 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 13760809. 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, in Item 8.01 of the Company's Current Report on Form 8-K filed May 21, 2026, 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 ability of the Company to complete the proposed sale of Park Holidays on a timely basis or at all; ∙ Risks that the proposed sale of Park Holidays disrupts current plans and operations; ∙ The impacts of the announcement or consummation of the proposed sale of Park Holidays on business relationships; ∙ The anticipated cost related to the proposed sale of Park Holidays; ∙ The ability for the Company to realize the anticipated benefits of the proposed sale of Park Holidays; ∙ 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 June 30, 2026, the Company owned, operated, or had an interest in a portfolio of 455 developed MH and RV properties comprising approximately 156,130 developed sites in the U.S. and Canada. At that date, the Company also owned, operated, or held an interest in a portfolio of 54 U.K. properties comprising approximately 22,030 developed sites, which were classified within discontinued operations as of June 30, 2026. 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 June 30, 2026 MH & RV Properties Properties MH & Annual RV Transient RV Sites Total Sites Location Sites Occupancy % Florida 125 42,520 97.1 % 4,700 47,220 Michigan 90 34,420 98.2 % 510 34,930 California 36 7,040 99.6 % 1,720 8,760 Texas 28 9,330 97.8 % 1,410 10,740 Connecticut 16 1,910 96.6 % 100 2,010 Maine 14 2,520 97.7 % 810 3,330 New Jersey 13 3,590 100.0 % 910 4,500 Arizona 11 4,140 97.5 % 860 5,000 Colorado 11 2,930 94.0 % 940 3,870 Indiana 10 2,820 99.0 % 1,000 3,820 Maryland 10 920 99.1 % 1,370 2,290 New York 9 1,570 99.4 % 1,040 2,610 Other 82 19,660 98.9 % 7,390 27,050 Total Portfolio 455 133,370 97.9 % 22,760 156,130 Financial and Operating Highlights ($ in millions, except Per Share amounts) Quarters Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Financial Information Basic earnings / (loss) per share from continuing operations $ 0.65 $ 0.13 $ 0.88 $ (0.45 ) $ (0.74 ) Basic earnings / (loss) per share from discontinued operations (8.71 ) (0.20 ) 0.11 0.52 10.76 Basic earnings / (loss) per share $ (8.06 ) $ (0.07 ) $ 0.99 $ 0.07 $ 10.02 Diluted earnings / (loss) per share from continuing operations $ 0.32 $ 0.13 $ 0.88 $ (0.45 ) $ (0.74 ) Diluted earnings / (loss) per share from discontinued operations (8.40 ) (0.20 ) 0.11 0.52 10.76 Diluted earnings / (loss) per share $ (8.08 ) $ (0.07 ) $ 0.99 $ 0.07 $ 10.02 Cash distributions declared per common share (a) $ 1.12 $ 1.12 $ 1.04 $ 1.04 $ 1.04 FFO per Share (b) $ 1.77 $ 0.95 $ 2.15 $ 2.18 $ 1.36 Core FFO per Share (b) $ 1.84 $ 1.40 $ 1.40 $ 2.28 $ 1.76 Real Property NOI (b) MH $ 186.5 $ 185.7 $ 178.8 $ 171.8 $ 168.5 RV 74.1 50.7 53.3 115.5 72.9 Total $ 260.6 $ 236.4 $ 232.1 $ 287.3 $ 241.4 Recurring EBITDA (b) $ 264.4 $ 195.2 $ 206.2 $ 335.7 $ 291.3 TTM Recurring EBITDA / Interest (b) 6.6 x 6.0 x 4.9 x 4.4 x 3.8 x Net Debt / TTM Recurring EBITDA (b) 3.9 x 3.7 x 3.4 x 3.3 x 2.9 x Balance Sheet Total assets $ 10,867.6 $ 12,358.8 $ 12,522.9 $ 12,800.3 $ 13,362.1 Total debt $ 4,052.2 $ 4,246.2 $ 4,258.7 $ 4,271.7 $ 4,283.5 Total liabilities $ 5,090.0 $ 5,299.1 $ 5,194.4 $ 5,438.0 $ 5,570.0 Operating Information Properties MH 295 295 294 284 284 RV 160 166 166 164 164 Total 455 461 460 448 448 Sites MH 100,860 100,830 100,150 97,070 97,380 Annual RV 32,510 32,730 33,330 32,480 32,100 Transient 22,760 23,820 23,550 23,560 23,440 Total sites 156,130 157,380 157,030 153,110 152,920 Occupancy MH 97.3 % 97.1 % 97.2 % 97.9 % 97.4 % Annual RV 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % Blended MH and annual RV 97.9 % 97.8 % 97.9 % 98.4 % 98.1 % MH and RV Revenue Producing Site Net Gains (c) MH leased sites, net 157 16 178 152 170 RV leased sites, net 91 (324 ) (37 ) 371 288 Total leased sites, net 248 (308 ) 141 523 458 (a) During the quarter ended June 30, 2025, the Company also paid a one-time special cash distribution of $4.00 per common share and unit. (b) Refer to Definition and Notes for additional information. (c) Revenue producing site net gains do not include occupied sites acquired during the year. Condensed Consolidated Balance Sheets ($ in millions) June 30, 2026 December 31, 2025 Assets Land $ 1,793.8 $ 1,810.5 Land improvements and buildings 8,733.9 8,699.2 Rental homes and improvements 998.3 940.2 Furniture, fixtures and equipment 687.2 674.3 Investment property 12,213.2 12,124.2 Accumulated depreciation (3,702.0 ) (3,505.7 ) Investment property, net 8,511.2 8,618.5 Cash, cash equivalents and restricted cash (a) 165.2 606.7 Inventory of manufactured homes 75.7 84.7 Notes and other receivables, net 282.4 262.9 Collateralized receivables, net (a) 39.2 43.2 Goodwill 9.5 9.5 Other intangible assets, net 34.0 36.7 Other assets, net 303.7 309.2 Assets held for sale and discontinued operations, net (a) 1,446.7 2,551.5 Total Assets $ 10,867.6 $ 12,522.9 Liabilities Mortgage loans payable $ 2,225.3 $ 2,429.0 Secured borrowings on collateralized receivables (a) 39.2 43.2 Unsecured debt 1,787.7 1,786.5 Distributions payable 139.9 131.1 Advanced reservation deposits and rent 199.9 125.9 Accrued expenses and accounts payable 193.3 178.3 Other liabilities 75.8 73.2 Liabilities held for sale and discontinued operations, net (a) 428.9 427.2 Total Liabilities 5,090.0 5,194.4 Commitments and contingencies Temporary equity 184.0 255.7 Shareholders' Equity Common stock 1.2 1.2 Additional paid-in capital 9,487.5 9,563.1 Accumulated other comprehensive income 2.4 26.5 Distributions in excess of accumulated earnings (3,971.7 ) (2,634.7 ) Total SUI Shareholders' Equity 5,519.4 6,956.1 Noncontrolling interests 74.2 116.7 Total Shareholders' Equity 5,593.6 7,072.8 Total Liabilities, Temporary Equity and Shareholders' Equity $ 10,867.6 $ 12,522.9 (a) Refer to Definitions and Notes for additional information. Condensed Consolidated Statements of Operations ($ in millions, except for per share amounts) Quarter Ended June 30, Six Months Ended June 30, 2026 2025 % Change 2026 2025 % Change Revenues Real property (excluding transient) (a) $ 362.1 $ 335.3 8.0 % $ 712.7 $ 657.9 8.3 % Real property - transient 60.6 63.6 (4.7) % 89.5 92.2 (2.9) % Home sales 27.8 41.8 (33.5) % 54.3 70.5 (23.0) % Ancillary 24.6 25.5 (3.5) % 33.1 33.8 (2.1) % Interest 6.2 16.4 (62.2) % 13.4 20.8 (35.6) % Brokerage commissions and other, net 3.3 13.3 (75.2) % 5.0 14.9 (66.4) % Total Revenues 484.6 495.9 (2.3) % 908.0 890.1 2.0 % Expenses Property operating and maintenance (a) 134.5 131.0 2.7 % 250.3 240.1 4.2 % Real estate tax 27.6 26.5 4.2 % 54.9 51.3 7.0 % Home costs and selling 24.5 35.0 (30.0) % 49.4 59.5 (17.0) % Ancillary 17.2 18.1 (5.0) % 26.3 26.8 (1.9) % General and administrative 49.9 50.6 (1.4) % 108.5 97.6 11.2 % Catastrophic event-related charges, net 0.8 0.4 100.0 % 1.3 0.3 N/M Depreciation and amortization 123.9 117.3 5.6 % 245.3 232.0 5.7 % Asset impairments (a) 17.9 33.4 (46.4) % 18.2 57.4 5.7 % Loss on extinguishment of debt — 102.4 (100.0) % — 102.4 (100.0) % Interest 38.1 54.4 (30.0) % 76.5 132.9 (42.4) % Total Expenses 434.4 569.1 (23.7) % 830.7 1,000.3 (17.0) % Income / (Loss) Before Other Items 50.2 (73.2 ) N/M 77.3 (110.2 ) N/M Gain / (loss) on foreign currency exchanges 13.3 39.4 (66.2) % (10.6 ) 48.1 N/M Loss on dispositions of properties, net (22.0 ) (1.3 ) N/M (20.9 ) (2.1 ) N/M Other income / (expense), net (a) (0.1 ) 6.9 N/M 8.4 12.6 (33.3) % Loss on remeasurement of notes receivable (2.9 ) (1.4 ) 107.1 % (2.8 ) (1.6 ) 75.0 % Income from nonconsolidated affiliates 6.1 3.8 60.5 % 12.2 6.8 79.4 % Loss on remeasurement of investment in nonconsolidated affiliates (1.7 ) (1.5 ) 13.3 % (1.5 ) (1.5 ) — % Current tax expense (0.6 ) (2.6 ) (76.9) % (1.5 ) (3.8 ) (60.5) % Deferred tax benefit / (expense) — (0.1 ) (100.0) % 0.1 — N/A Net Income / (Loss) from Continuing Operations 42.3 (30.0 ) N/M 60.7 (51.7 ) N/M Income / (loss) from discontinued operations, net (a) (1,067.2 ) 1,360.3 N/M (1,091.9 ) 1,340.4 N/M Net Income / (Loss) (1,024.9 ) 1,330.3 N/M (1,031.2 ) 1,288.7 N/M Less: Preferred return to preferred OP units / equity interests 2.5 3.2 (21.9) % 5.2 6.3 (17.5) % Less: Income / (loss) attributable to noncontrolling interests (34.7 ) 53.5 N/M (35.0 ) 51.6 N/M Net Income / (Loss) Attributable to SUI Common Shareholders $ (992.7 ) $ 1,273.6 N/M $ (1,001.4 ) $ 1,230.8 N/M Weighted average common shares outstanding - basic (a) 122.5 126.4 (3.1) % 122.6 126.5 (3.1) % Weighted average common shares outstanding - diluted (a) 127.0 126.4 0.5 % 127.4 126.5 0.7 % Basic earnings / (loss) per share from continuing operations $ 0.65 $ (0.74 ) N/M $ 0.78 $ (0.92 ) N/M Basic earnings / (loss) per share from discontinued operations (8.71 ) 10.76 N/M (8.91 ) 10.60 N/M Basic earnings / (loss) per share $ (8.06 ) $ 10.02 N/M $ (8.13 ) $ 9.68 N/M Diluted earnings / (loss) per share from continuing operations (b) $ 0.32 $ (0.74 ) N/M $ 0.47 $ (0.92 ) N/M Diluted earnings / (loss) per share from discontinued operations (b) (8.40 ) 10.76 N/M (8.57 ) 10.60 N/M Diluted earnings / (loss) per share (b) $ (8.08 ) $ 10.02 N/M $ (8.10 ) $ 9.68 N/M (a) Refer to Definitions and Notes for additional information. (b) Excludes the effect of certain anti-dilutive convertible securities. N/M = Not meaningful. N/A = Not applicable. Reconciliation of Net Income / (Loss) Attributable to SUI Common Shareholders to Core FFO ($ in millions, except for per share data) Quarter Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net Income / (Loss) Attributable to SUI Common Shareholders $ (992.7 ) $ 1,273.6 $ (1,001.4 ) $ 1,230.8 Adjustments Depreciation and amortization - continuing operations (a) 122.3 117.1 242.1 231.3 Depreciation and amortization - discontinued operations (a) 7.0 8.9 17.1 53.6 Depreciation on nonconsolidated affiliates 0.3 0.2 0.6 0.4 Asset impairments - continuing operations 17.9 33.4 18.2 57.4 Asset impairments - discontinued operations — 132.9 — 135.0 Loss on classification to held for sale - discontinued operations 1,077.2 — 1,077.2 — Loss on remeasurement of investment in nonconsolidated affiliates 1.7 1.5 1.5 1.5 Loss on remeasurement of notes receivable 2.9 1.4 2.8 1.6 Loss on dispositions of properties, including tax effect - continuing operations 22.0 2.9 20.9 3.6 (Gain) / loss on dispositions of properties, including tax effect - discontinued operations 0.8 (1,445.0 ) 1.7 (1,444.7 ) Add: Returns on preferred OP units / equity interests 2.5 3.1 5.2 6.3 Add: Income / (loss) attributable to noncontrolling interests (34.7 ) 53.5 (35.0 ) 51.6 Gain on disposition of assets, net - continuing operations (3.0 ) (4.1 ) (4.7 ) (7.7 ) (Gain) / loss on disposition of assets, net - discontinued operations — 0.1 (0.4 ) (0.2 ) FFO (a)(c)(d) 224.2 179.5 345.8 320.5 Adjustments Acquisition and other transaction costs - continuing operations (a) 1.7 4.6 3.4 13.6 Acquisition and other transaction costs - discontinued operations 14.9 50.5 15.4 65.6 Loss on extinguishment of debt — 102.4 &nb...
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