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.
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.