Sun Communities Reports Results for the Third Quarter of 2025

About this update from Sun Communities, Inc.

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5.6% ","length":107,"tagName":"p"},{"type":"text","content":" Increasing UK Same Property NOI Growth Guidance to 3.7% - 4.4% ","length":62,"tagName":"p"},{"type":"text","content":" Establishing Preliminary 2026 Full Year Rental Rate Guidance as 5.0% for MH, 4.0% for Annual RV, and 4.1% for UK ","length":112,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":30},{"type":"text","content":" Southfield, Michigan, October 29, 2025 – 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 third quarter results for 2025.","length":409,"tagName":"p"},{"type":"text","content":" Financial Results for the Quarter and Nine Months Ended September 30, 2025 ","length":74,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"For the quarter ended September 30, 2025, net loss from continuing operations was $3.7 million, or $0.05 per diluted share, compared to net income from continuing operations of $278.4 million, or $2.09 per diluted share for the same period in 2024. ","length":258,"tagName":"p"}]},{"val":[{"type":"text","content":"For the quarter ended September 30, 2025, net income attributable to common shareholders was $8.5 million, or $0.07 per diluted share, compared to net income attributable to common shareholders of $288.7 million, or $2.31 per diluted share for the same period in 2024. ","length":278,"tagName":"p"}]},{"val":[{"type":"text","content":"For the nine months ended September 30, 2025, net loss from continuing operations was $119.0 million, or $1.48 per diluted share, compared to net income from continuing operations of $274.4 million, or $2.01 per diluted share for the same period in 2024. ","length":254,"tagName":"p"}]},{"val":[{"type":"text","content":"For the nine months ended September 30, 2025, net income attributable to common shareholders was $1.2 billion, or $9.81 per diluted share, compared to net income attributable to common shareholders of $313.4 million, or $2.51 per diluted share for the same period in 2024. ","length":282,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1072,"olType":false},{"type":"readMore"},{"type":"text","content":" Non-GAAP Financial Measures ","length":27,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" Core Funds from Operations ("Core FFO") for the quarter and nine months ended September 30, 2025, was $2.28 per common share and convertible securities ("Share") and $5.28 per Share, respectively, as compared to $2.36 and $5.41 for the same periods in 2024. ","length":277,"tagName":"p"}]},{"val":[{"type":"text","content":" Same Property Net Operating Income ("NOI") ","length":52,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":" North America Same Property NOI for MH and RV increased by $14.5 million and $35.3 million, or 5.4% and 5.0%, respectively, for the quarter and nine months ended September 30, 2025, as compared to the corresponding periods in 2024. ","length":231,"tagName":"p"}]},{"val":[{"type":"text","content":" UK Same Property NOI increased by $1.7 million and $3.2 million, or 5.4% and 5.2%, respectively, for the quarter and nine months ended September 30, 2025, as compared to the corresponding periods in 2024. ","length":204,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":435,"olType":false}]}],"tagName":"ul","bulletedList":true,"length":764,"olType":false},{"type":"text","content":""I'm pleased to share that Sun delivered strong third quarter results that surpassed our expectations, driven by exceptional performance in manufactured housing, and continued progress in our RV business," said Charles Young, Chief Executive Officer. "This success reflects our team's unwavering commitment to operational excellence. Looking forward, the demand fundamentals for our communities remain intact, fueled by sustained demand for affordable housing and recreational experiences. I'm honored to join this remarkable team at such a pivotal moment in the company's journey. With our thoughtful strategic and financial re-positioning, I'm excited about the future and confident in our ability to create long-term value for all of our stakeholders."","length":795,"tagName":"p"},{"type":"text","content":" OPERATING HIGHLIGHTS ","length":20,"tagName":"p"},{"type":"text","content":" North America Portfolio Occupancy ","length":33,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"MH and annual RV sites were 98.4% occupied at September 30, 2025, as compared to 97.7% at September 30, 2024. ","length":109,"tagName":"p"}]},{"val":[{"type":"text","content":"During the quarter ended September 30, 2025, the number of MH and annual RV revenue producing sites increased by approximately 520 sites. 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