Sun Communities (SUI) Q2 2026 earnings summary

Executive summary

• Achieved Core FFO per share of $1.84, exceeding guidance and up from $1.76 year-over-year, driven by strong manufactured housing (MH) performance and resilient RV portfolio, with disciplined expense management.

• Reported net loss per diluted share of $8.08 for the quarter, due to a $1.1 billion non-cash charge related to the planned sale of the UK business, Park Holidays, classified as discontinued operations.

• Net income per diluted share from continuing operations was $0.32, a turnaround from a net loss of $0.74 in the prior year quarter.

• Raised outlook for the core business and 2026 Same Property NOI growth guidance by 20 basis points to a range of 4.5%–5.3%, reflecting confidence in long-term housing affordability trends and strong industry fundamentals.

• Announced sale of U.K. business to sharpen focus on core MH and RV platform, with transaction expected to close by year-end or in the second half of 2026.

Financial highlights

• North American same property MH and RV NOI increased 6%, exceeding guidance; MH same property NOI rose 8.8% with revenue up 6.2% year-over-year, driven by site rent growth and expense discipline.

• Net income attributable to continuing operations was $42.3 million for the quarter, compared to a net loss of $30.0 million in the prior year.

• Net loss attributable to common shareholders was $992.7 million for the quarter, due to the UK business sale charge.

• Core FFO per share was $1.84 for the quarter and $3.24 for the six months, both up year-over-year.

• Portfolio occupancy for MH and annual RV sites was 97.9% at quarter-end.

Outlook and guidance

• Raised 2026 same property NOI guidance: North America MH and RV combined expected to increase 4.5%–5.3%, with MH at 6.5% and RV at 1%.

• Updated Core FFO per share guidance midpoint to $7.02, with full-year guidance in the range of $6.94–$7.10, assuming full-year U.K. contribution.

• Guidance does not reflect impacts from the U.K. sale or future capital allocation beyond July 27.