Sun Communities reported a second quarter net loss of $8.08 per diluted share, driven by a $1.1 billion non-cash charge related to the planned sale of its UK business. Excluding this and other items, Core Funds from Operations (FFO) per share was $1.84, up from $1.76 a year ago. Total revenues were $484.6 million for the quarter.
Key Highlights
- Core FFO per share grew 4.5% year-over-year to $1.84, exceeding the company's prior guidance.
- Same Property Net Operating Income (NOI) increased by 6.0% compared to the prior-year quarter, led by an 8.8% increase in the Manufactured Housing (MH) segment.
- The company raised its full-year 2026 Same Property NOI growth guidance to a new range of 4.5% to 5.3%, an increase of 20 basis points at the midpoint.
- Blended occupancy for Same Property MH and RV sites was 98.8%, a slight decrease of 10 basis points from June 30, 2025.