Sun Communities Q3 Net Income Reaches $120.7 Million: Core FFO of $2.35 Per Share, UK Business Sold for About $1.03 Billion, Full-Year Guidance Raised
Sun Communities, Inc. (NYSE: SUI), a real estate investment trust headquartered in Southfield, Michigan, that owns and operates manufactured housing (MH) and recreational vehicle (RV) communities, reported third-quarter 2026 results on October 26. Total revenue was $558.2 million, up 0.4% from a year earlier, and net income attributable to common shareholders was $120.7 million, or $1.00 per diluted share, compared with $8.5 million, or $0.07 per share, in the third quarter of 2025.
Net income from continuing operations was $137.1 million, or $1.07 per diluted share, versus a loss of $53.1 million a year earlier. Funds from operations (FFO) were $2.27 per share and Core FFO was $2.35 per share, up from $2.28 in the prior-year quarter. Same-property net operating income (NOI) grew 3.6%, with manufactured housing NOI up 6.9% and RV NOI down 1.3%. MH and annual RV occupancy stood at 98.2% at September 30, while same-property adjusted blended occupancy was 98.8%.
The company completed the sale of its UK business on September 22, receiving net cash consideration of approximately $1.03 billion, with proceeds intended mainly for share repurchases, debt repayment and general corporate purposes; costs tied to discontinued operations left a net loss attributable to common shareholders of $880.7 million for the first nine months. During the quarter the company sold three Florida RV properties for $127.0 million, repurchased about 2.4 million shares for $293.3 million, and repaid three mortgage term loans totaling $266.6 million. After quarter-end it acquired two Pacific Northwest MH properties for $79.5 million.
Sun Communities raised its 2026 guidance, expecting Core FFO of $6.97 to $7.05 per share, a midpoint of $7.01, and North America same-property NOI growth of 4.9% to 5.3%. It also set preliminary 2027 rental-rate guidance of 5.4% for MH and 4.4% for annual RV. Management was scheduled to discuss the results on a conference call on October 27 at 11:00 a.m. Eastern Time.
Source: GSM · USA (original Chinese edition)
Photo: 图：美国一处活动房屋社区航拍（资料图，非该公司物业）。图片：Wikideas1，CC0（Wikimedia Commons）。Photo: Aerial view of a manufactured home community in the United States (file photo, not a company property). Credit: Wikideas1, CC0, via Wikimedia Commons.
