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Dec 31, 2025
Sun Communities Q4 2025 Earnings Report
Sun Communities Q4 2025 Earnings Report: Strong North America Same Property NOI Growth and 2026 Guidance Initiation
Key Takeaways
Sun Communities delivered a solid fourth quarter with North America Same Property NOI increasing by 7.9%. The company reported net income attributable to common shareholders of $121.9 million and Core FFO of $1.40 per share. Management initiated 2026 Core FFO guidance and increased the quarterly distribution rate by 8% to $1.12 per share.
North America Same Property NOI grew by 7.9% in Q4 2025, driven by strong underlying fundamentals.
The company acquired 14 MH and RV communities for $457.0 million during the year and distributed over $1.5 billion to shareholders.
Initiated 2026 Core FFO guidance in the range of $6.83 to $7.03 per share.
Increased the quarterly distribution rate by 8% to $1.12 per share, starting in April 2026.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Sun Communities expects 2026 Core FFO per share between $6.83 and $7.03, representing growth over 2025. The company anticipates continued NOI growth in North America and the UK.
Positive Outlook
- Expected North America Same Property NOI growth of 3.9% - 5.0% for FY 2026.
- Anticipated UK Same Property NOI growth of 0.9% - 3.4%.
- Planned 5.0% average rental rate increase for MH in North America.
- Quarterly distribution increased to $1.12 per share.
- Strong balance sheet with Net Debt to Recurring EBITDA ratio of 3.4x.
Challenges Ahead
- Expected decrease in interest income from $48.5M to $20.0M at midpoint.
- Projected increase in G&A expenses to $212.0M.
- Anticipated higher current tax expense of $14.0M.
- Lower expected FFO contribution from North American home sales.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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