Sun Communities (SUI) Q2 2026 earnings summary

Executive summary

• Achieved Core FFO per share of $1.84 for Q2 2026, exceeding guidance and up from $1.76 year-over-year, driven by strong MH performance and disciplined expense management.

• Announced definitive agreement to sell UK business (Park Holidays) for approximately $1.04 billion, resulting in a $1.1 billion non-cash valuation allowance charge and reclassification as discontinued operations.

• Core business now focused on North American MH and RV communities, with 455 developed properties in the U.S. and Canada as of June 30, 2026.

• Safe Harbor marina business sale completed in 2025, further streamlining operations and improving leverage.

• Strategic priorities include disciplined capital allocation, optimizing the operating platform, and investing in people and technology.

Financial highlights

• Total revenues from continuing operations for Q2 2026 were $484.6 million; net income from continuing operations was $42.3 million, compared to a loss of $30.0 million in Q2 2025.

• Net loss attributable to common shareholders was $992.7 million for Q2 2026, driven by the UK business sale charge.

• Core FFO attributable to common shareholders and convertible securities was $234.0 million for Q2 2026 ($1.84 per share).

• Same Property NOI increased 6.0% for Q2 2026, with MH NOI up 8.8% and RV NOI down 0.7%.

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

Outlook and guidance

• Raised 2026 Same Property NOI growth guidance to 4.5%–5.3%; Q3 2026 guidance for North America Same Property NOI growth is 2.0%–3.5%.

• Updated Core FFO per share guidance midpoint to $7.02, with full-year guidance range of $6.94–$7.10.

• Guidance does not include the impact of the Park Holidays sale, which is expected to close in the second half of 2026.