Sun Communities, Inc., a real estate investment trust (REIT) that owns and operates, or has an interest in, manufactured housing and RV communities, reported its fourth quarter and full year results for 2025.
Financial Results for the Quarter & Year Ended Dec. 31, 2025
- For the quarter ended Dec. 31, 2025, net income from continuing operations was $119.6 million, or $0.90 per diluted share, compared to a net loss from continuing operations of $241.5 million, or $1.85 per diluted share for the same period in 2024.
- For the quarter ended Dec. 31, 2025, net income attributable to common shareholders was $121.9 million, or $0.99 per diluted share, compared to a net loss attributable to common shareholders of $224.4 million, or $1.77 per diluted share for the same period in 2024.
- For the year ended Dec. 31, 2025, net income from continuing operations was $0.6 million, or a loss of $0.61 per diluted share, compared to net income from continuing operations of $32.9 million, or $0.12 per diluted share for the same period in 2024.
- For the year ended Dec. 31, 2025, net income attributable to common shareholders was $1.4 billion, or $10.84 per diluted share, compared to net income attributable to common shareholders of $89.0 million, or $0.71 per diluted share for the same period in 2024.
Non-GAAP Financial Measures
- Core Funds from Operations for the quarter and year ended December 31, 2025, was $1.40 per common share and convertible securities and $6.68 per Share, respectively, as compared to $1.41 and $6.81 for the same periods in 2024.
- Same Property Net Operating Income
- North America Same Property NOI for MH and RV increased by $16.6 million and $51.9 million, or 7.9% and 5.7%, respectively, for the quarter and year ended December 31, 2025, as compared to the corresponding periods in 2024.
- UK Same Property NOI decreased by $0.5 million and increased by $2.7 million, or (2.6)% and 3.5%, respectively, on a constant currency basis, for the quarter and year ended December 31, 2025, as compared to the corresponding periods in 2024.
“I’m pleased to report that Sun delivered strong fourth quarter results, reflecting the strength of our platform and the quality of our team’s execution,” said Charles Young, CEO. “Our North America Same Property NOI increased 7.9% in the fourth quarter, reflecting strong underlying fundamentals across our portfolio. During 2025, we invested more than $450 million to acquire high-quality communities and returned over $1.5 billion to our shareholders. Our strategic transformation has created a streamlined, focused platform that is ideally positioned to benefit from the ongoing demand for affordable housing, and our best-in-class balance sheet provides us with exceptional financial flexibility. As we look ahead, I am confident that our strong operational momentum will deliver sustainable growth and create lasting value for all stakeholders, while providing exceptional communities and experiences for our residents and guests.”
