Sun Communities, Inc. (NYSE: SUI), a real estate investment trust (REIT) that owns and operates, or has an interest in, manufactured housing (MH) and recreational vehicle (RV) communities, reported its fourth quarter and full year results for 2025, according to a press release.
Financial Results for the Quarter and Year Ended December 31, 2025
- For the quarter ended December 31, 2025, net income from continuing operations was $119.6 million, or $0.90 per diluted share, compared to a net loss from continuing operations of $241.5 million, or $1.85 per diluted share, for the same period in 2024.
- For the quarter ended December 31, 2025, net income attributable to common shareholders was $121.9 million, or $0.99 per diluted share, compared to a net loss attributable to common shareholders of $224.4 million, or $1.77 per diluted share, for the same period in 2024.
- For the year ended December 31, 2025, net income from continuing operations was $0.6 million, or a loss of $0.61 per diluted share, compared to net income from continuing operations of $32.9 million, or $0.12 per diluted share for the same period in 2024.
- For the year ended December 31, 2025, net income attributable to common shareholders was $1.4 billion, or $10.84 per diluted share, compared to net income attributable to common shareholders of $89.0 million, or $0.71 per diluted share, for the same period in 2024.
Non-GAAP Financial Measures
- Core Funds from Operations (“Core FFO”) for the quarter and year ended December 31, 2025, were $1.40 per common share and convertible securities (“Share”) and $6.68 per Share, respectively, as compared to $1.41 and $6.81 for the same periods in 2024.
- Same Property Net Operating Income (“NOI”)
- North America Same Property NOI for MH and RV increased by $16.6 million and $51.9 million, or 7.9% and 5.7%, respectively, for the quarter and year ended December 31, 2025, as compared to the corresponding periods in 2024.
- UK Same Property NOI decreased by $0.5 million and increased by $2.7 million, or (2.6)% and 3.5%, respectively, on a constant currency basis, for the quarter and year ended December 31, 2025, as compared to the corresponding periods in 2024.
“I’m pleased to report that Sun delivered strong fourth quarter results, reflecting the strength of our platform and the quality of our team’s execution,” said Charles Young, CEO of the company. “Our North America Same Property NOI increased 7.9% in the fourth quarter, reflecting strong underlying fundamentals across our portfolio. During 2025, we invested more than $450 million to acquire high-quality communities and returned over $1.5 billion to our shareholders. Our strategic transformation has created a streamlined, focused platform that is ideally positioned to benefit from the ongoing demand for affordable housing, and our best-in-class balance sheet provides us with exceptional financial flexibility. As we look ahead, I am confident that our strong operational momentum will deliver sustainable growth and create lasting value for all stakeholders, while providing exceptional communities and experiences for our residents and guests.”
OPERATING HIGHLIGHTS
North America Portfolio Occupancy
- MH and annual RV sites were 97.9% occupied at December 31, 2025, as compared to 98.0% at December 31, 2024.
- During the quarter ended December 31, 2025, the number of MH and annual RV revenue-producing sites increased by approximately 140 sites.
- During the year ended December 31, 2025, the number of MH and annual RV revenue-producing sites increased by approximately 1,140 sites.
Same Property Results
For the properties owned and operated by the Company since at least January 1, 2024, excluding properties classified as discontinued operations, the following table reflects the percentage changes for the quarter and year ended December 31, 2025, as compared to the same periods in 2024.
