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Jun 30, 2025
Sun Communities Q2 2025 Earnings Report
Sun Communities reported strong Q2 2025 results driven by the sale of Safe Harbor Marinas and operational performance in North America.
Key Takeaways
Sun Communities delivered a substantial increase in net income due to the $1.4B gain on the Safe Harbor Marinas sale, while achieving high occupancy and strong adjusted EPS. Core operations, especially in manufactured housing, contributed solidly despite weaker RV performance.
Net income attributable to common shareholders rose to $1.27B, driven by discontinued operations from the marina sale.
Core FFO per share was $1.76, while adjusted EPS came in at $10.02.
Blended MH and annual RV occupancy in North America reached 98.1%, up 60 basis points from Q1.
UK same property NOI increased 10.2% year-over-year.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Full-year Core FFO guidance was raised to $6.51–$6.67 per share, with improved expectations for NOI growth across both North America and the UK portfolios.
Positive Outlook
- Raised FY2025 Core FFO guidance to $6.51–$6.67 per share.
- Raised North America same property NOI growth to 3.9%–5.6%.
- Raised UK same property NOI growth to 1.3%–3.3%.
- Expecting Q3 Core FFO between $2.13 and $2.23 per share.
- Continued strong occupancy rates and high rent growth in MH segment.
Challenges Ahead
- RV same property revenues declined 6.8% YoY.
- Overall operating income negative due to asset impairments and restructuring.
- Home sales NOI in North America declined by 48.5% YoY.
- Ongoing macro uncertainty may affect transient RV bookings.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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