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Sep 30, 2025
Sun Communities Q3 2025 Earnings Report
Sun Communities reported Q3 2025 results with modest revenue growth, positive net income, and strong occupancy in MH and RV segments.
Key Takeaways
Sun Communities delivered Q3 2025 results marked by a positive net income of $8.5 million, EPS of $0.07, and strong performance in its North American manufactured housing operations. Core FFO per share was $2.28, and adjusted blended occupancy in North America reached 99.2%.
Net income attributable to common shareholders was $8.5 million, with diluted EPS of $0.07.
Core FFO per share was $2.28, slightly below last year’s $2.36.
North America blended MH and RV occupancy hit 99.2%, up 130 basis points YoY.
Q3 revenue totaled $697.2 million, driven by strong MH operations despite softness in RV and home sales.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Sun Communities raised its full-year 2025 Core FFO guidance slightly and increased NOI growth expectations for both North America and the UK.
Positive Outlook
- Full-year Core FFO per share guidance raised to $6.59 - $6.67.
- North America Same Property NOI growth guidance raised to 4.6% - 5.6%.
- UK Same Property NOI growth guidance increased to 3.7% - 4.4%.
- 2026 rental rate increase guidance: MH 5.0%, Annual RV 4.0%, UK 4.1%.
- Strong balance sheet with $550M unrestricted cash and reduced leverage.
Challenges Ahead
- Home sales volume declined 17.5% YoY in Q3.
- UK occupancy decreased slightly YoY to 90.7%.
- Total expenses rose 19.1% YoY, pressuring margins.
- RV segment saw a decline in NOI despite steady revenues.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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