Highlights

  • Third quarter 2026 Core FFO was $2.35 per share and FFO was $2.27 per share, against $2.28 and $2.18 in 2025.
  • Net income attributable to common shareholders was $120.7 million, or $1.00 per diluted share, for the quarter ended September 30, 2026.
  • The company completed the sale of its UK business on September 22, 2026, with net proceeds of approximately $1.03 billion.
  • Full year 2026 Core FFO per share guidance is $6.97 to $7.05, with 2027 MH rental rate increases expected at 5.4%.

Sun Communities, Inc. (NYSE: SUI) shares were trading at USD 115.76 on October 27, 2026, down 3.41%, with a relative volume at time of 3.49. The real estate investment trust completed the sale of its UK business on September 22, 2026, and on October 26, 2026 reported third quarter 2026 results and updated its 2026 guidance.

Sun Communities is incorporated in Maryland and lists its principal executive offices in Southfield, Michigan. Established in 1975, it became a publicly owned corporation in December 1993. The company is a fully integrated REIT that owns and operates, or has an interest in, manufactured housing (MH) and recreational vehicle (RV) communities. As of September 30, 2026, it owned, operated or had an interest in a portfolio of 452 developed MH and RV properties comprising approximately 153,520 developed sites in the U.S. and Canada.

Third Quarter Results

For the quarter ended September 30, 2026, net income attributable to continuing operations was $137.1 million, or $1.07 per diluted share, compared with a net loss from continuing operations of $53.1 million, or $0.45 per diluted share, in the same period of 2025. Net income attributable to common shareholders was $120.7 million, or $1.00 per diluted share, compared with $8.5 million, or $0.07 per diluted share.

For the nine months ended September 30, 2026, net loss attributable to common shareholders was $880.7 million, or $7.14 per diluted share, compared with net income of $1.2 billion, or $9.81 per diluted share, for the same period in 2025.

FFO was $2.27 per share and Core FFO was $2.35 per share for the quarter. Both are non-GAAP measures.

Same Property Operations

Same Property NOI increased $10.4 million, or 3.6%, for the quarter, and $38.4 million, or 5.2%, for the nine months. For the quarter, MH NOI increased 6.9% and RV NOI decreased 1.3%. MH and annual RV sites were 98.2% occupied at September 30, 2026, compared with 98.4% a year earlier. Same Property adjusted blended occupancy for MH and RV declined by 50 basis points to 98.8% from 99.3%.

Investments, Balance Sheet and Capital

The company did not acquire any assets during the quarter. After quarter end, it acquired two MH properties in the Pacific Northwest for total consideration of $79.5 million, including the issuance of $28.3 million of Series M preferred operating partnership units. In September, it sold a portfolio of three RV properties in Florida for cash consideration of $127.0 million.

The UK business sale carried cash consideration of approximately 772.3 million pounds sterling, or approximately $1.05 billion. UK results are presented as discontinued operations.

At September 30, 2026, the company had $3.8 billion in debt outstanding with a weighted average interest rate of 3.3% and a weighted average maturity of 7.1 years. Net Debt to trailing twelve-month Recurring EBITDAre was 3.2 times.

Sun repurchased approximately 2.4 million shares during the quarter at an average price of $119.24 per share, for a total of $293.3 million. From October 1 through October 23, 2026, it repurchased approximately 0.7 million shares at an average price of $113.24 per share, for a total of $79.8 million.

2026 and 2027 Guidance

For the fourth quarter of 2026, the company expects diluted EPS of $0.36 to $0.44 and Core FFO per share of $1.38 to $1.46. For full year 2026, it expects diluted EPS of $(6.65) to $(6.57) and Core FFO per share of $6.97 to $7.05. Management expects North America Same Property NOI growth of 4.9% to 5.3% for 2026, compared with a prior range of 4.5% to 5.3%.

For 2027, the company established preliminary average rental rate increases of 5.4% for MH and 4.4% for annual RV. Actual results may differ materially.