Sun Communities, a real estate investment trust (REIT) that owns and operates, or has an interest in, manufactured housing (MH) and RV communities, reported its second quarter results for 2025.
Financial Results for the Quarter & Six Months Ended June 30
- For the quarter ended June 30, net loss from continuing operations was $92.2 million, or $1.23 per diluted share, compared to net income from continuing operations of $32.7 million, or $0.21 per diluted share for the same period in 2024.
- For the quarter ended June 30, net income attributable to common shareholders was $1.3 billion, or $10.02 per diluted share, compared to net income attributable to common shareholders of $52.1 million, or $0.42 per diluted share for the same period in 2024.
- For the six months ended June 30, net loss from continuing operations was $115.3 million, or $1.42 per diluted share, compared to net loss from continuing operations of $4.0 million, or $0.09 per diluted share for the same period in 2024.
- For the six months ended June 30, net income attributable to common shareholders was $1.2 billion, or $9.68 per diluted share, compared to net income attributable to common shareholders of $24.7 million, or $0.20 per diluted share for the same period in 2024.
Non-GAAP Financial Measures
- Core Funds from Operations (Core FFO) for the quarter and six months ended June 30 was $1.76 per common share and convertible securities and $3.02 per share, respectively, as compared to $1.86 and $3.05 for the same periods in 2024.
- Same Property Net Operating Income (NOI)
- North America Same Property NOI for MH and RV increased by $11.3 million and $20.8 million, or 4.9% and 4.8%, respectively, for the quarter and six months ended June 30, as compared to the corresponding periods in 2024.
- UK Same Property NOI increased by $2.1 million and $1.6 million, or 10.2% and 5.0%, respectively, for the quarter and six months ended June 30, as compared to the corresponding periods in 2024.
“We are pleased to report strong second quarter results with earnings ahead of our expectations, as we demonstrated the strength of our platform. It was also one of the most pivotal quarters in our history as we completed the previously announced sale of Safe Harbor Marinas and repositioned Sun as a pure-play owner and operator of manufactured housing and RV communities with a best-in-class balance sheet. This transaction streamlined operations, unlocked meaningful financial flexibility, and enhanced shareholder value,” said Gary A. Shiffman, chairman and CEO. “We are incredibly excited to welcome Charles Young as Sun’s next CEO in October, as his seasoned leadership and deep real estate expertise will guide the company through its next phase of growth. After over 40 years as CEO, I am proud to reflect on the company’s incredible journey knowing our efforts built a strong foundation that uniquely positions Sun for continued growth and long-term value creation.”
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