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Mar 31, 2025
Sun Communities Q1 2025 Earnings Report
Sun Communities reported a net loss and lower UK performance in Q1 2025, but benefited from the Safe Harbor Marinas sale.
Key Takeaways
Sun Communities delivered mixed results for Q1 2025, with continued strength in North American MH and RV properties, a significant net loss driven by discontinued operations, and a major strategic divestiture of its Safe Harbor Marinas portfolio.
Completed the $5.25 billion sale of Safe Harbor Marinas, contributing to balance sheet repositioning.
Reported a net loss of $41.6 million, or -$0.34 per share, impacted by discontinued operations.
Core FFO per share rose to $1.26, up from $1.19 in Q1 2024.
North America MH and RV same property NOI increased by 4.6% YoY.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Sun Communities expects improved financial performance in 2025 driven by a leaner asset base post-Safe Harbor divestiture and increased operational focus.
Positive Outlook
- Core FFO guidance range of $6.43 to $6.63 for FY2025.
- Expected North America Same Property NOI growth of 3.5% - 5.2%.
- UK Same Property NOI projected to grow by 0.9% - 2.9%.
- Interest income projected to rise significantly to $57M - $60M.
- $1B stock repurchase program and $4/share special dividend to enhance shareholder value.
Challenges Ahead
- UK Same Property NOI decreased by 5.4% in Q1 2025.
- RV Same Property NOI declined by 9.1% YoY.
- Core FFO includes $49.2M from discontinued operations, not recurring.
- Higher property taxes and utility costs pressure operating margins.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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