Sun Communities : Supplemental Data March 31, 2026
SUI
Published on 04/27/2026 at 04:25 pm EDT
EARNINGS PRESS RELEASE &
SUPPLEMENTAL OPERATING & FINANCIAL DATA
First Quarter 2026
NYSE:SUI
Forward-Looking Statements i
Earnings Press Release and Guidance ii
Overview
Portfolio Overview 1
Company Overview and Investor Information 1
Financial and Operating Highlights 2
Consolidated Balance Sheets 3
Reconciliation of Net Loss Attributable to SUI Common Shareholders to Core FFO 5
Consolidated Statements of Operations 4
Reconciliation of Net Loss Attributable to SUI Common Shareholders to Recurring EBITDA 7
Reconciliation of Net Loss Attributable to SUI Common Shareholders to NOI 6
Real Property Operations - North America Same Property Portfolio 9
Supplemental Disclosure
Real Property Operations - Total Portfolio 8
Real Property Operations - UK Same Property Portfolio 10
Home Sales Summary 11
Operating Statistics for MH and Annual RVs 11
Acquisitions and Dispositions 12
Capital Expenditures 12
Capitalization Overview 13
Debt Analysis 15
Debt Maturities 14
Definitions and Notes
Define and provide additional notes related to non-GAAP financial measures and other capitalized terms 16
This document contains various "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Sun Communities, Inc. (the "Company") intends that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this document that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments, and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements. Words such as "forecasts," "intend," "goal," "estimate," "expect," "project," "projections," "plans," "predicts," "potential," "seeks," "anticipates," "should," "could," "may," "will," "designed to," "foreseeable future," "believe," "scheduled," "guidance," "target," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these words. These forward-looking statements reflect the Company's current views with respect to future events and financial performance, but involve known and unknown risks and uncertainties, both general and specific to the matters discussed in this document, some of which are beyond the Company's control. These risks and uncertainties may cause the Company's actual results to be materially different from any future results expressed or implied by such forward-looking statements. In addition to the risks described under "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and in other filings with the Securities and Exchange Commission from time to time, such risks, uncertainties and other factors include those described under the heading "Cautionary Statement Regarding Forward-Looking Statements" in the accompanying press release.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included or incorporated by reference into this document, whether as a result of new information, future events, changes in the Company's expectations, or otherwise, except as required by law.
Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance, or achievements. All written and oral forward-looking statements attributable to the Company or persons acting on the Company's behalf are qualified in their entirety by these cautionary statements.
This document includes information regarding various non-GAAP supplemental performance measures, including funds from operations ("FFO"), Core FFO, net operating income ("NOI"), earnings before interest, tax, depreciation and amortization ("EBITDA"), and Recurring EBITDA. For information on these non-GAAP measures, please refer to "Reconciliation of Net Loss Attributable to SUI Common Shareholders to Core FFO," "Reconciliation of Net Loss Attributable to SUI Common Shareholders to NOI," "Reconciliation of Net Loss Attributable to SUI Common Shareholders to Recurring EBITDA," and "Definitions and Notes."
April 27, 2026
Net Loss per Diluted Share of $0.07 for the Quarter Core FFO per Share of $1.40 for the Quarter
North America Same Property NOI Grew by 6.3% for the Quarter Driven by Strength Across Both MH and RV North America Same Property Adjusted Blended Occupancy for MH and RV of 98.7%
Raising Full-Year 2026 Core FFO per Share Guidance by $0.04, an Approximately 60 Basis Points Increase, to $6.87 to
$7.07
Increasing North American Same Property NOI Growth Guidance by Approximately 25 Basis Points, to 4.2% - 5.2%
For the quarter ended March 31, 2026, net loss attributable to common shareholders was $8.7 million, or
$0.07 per diluted share, compared to a net loss attributable to common shareholders of $42.8 million, or
$0.34 per diluted share for the same period in 2025.
"I'm pleased with the Company's strong first quarter results, continuing our momentum as we execute on our strategy," said Charles Young, Chief Executive Officer. "We drove better than expected results across our North America portfolio, where same property MH and RV NOI increased 6.3%, reflecting the strength of our portfolio and the sustained demand for our communities. Our strategy is anchored in three core pillars: disciplined capital allocation, optimization of our platform, and targeted investment in our communities, infrastructure, and digital capabilities. As we look ahead, I am confident that our strategy combined with successful execution of our capital priorities will deliver sustainable growth and create lasting value for all stakeholders, while providing exceptional communities and experiences for our residents and guests."
MH and annual RV sites were 97.8% occupied at March 31, 2026, as compared to 98.0% at March 31, 2025.
For the properties owned and operated by the Company since at least January 1, 2025, the following table reflects the percentage changes for the quarter ended March 31, 2026, as compared to the same period in 2025:
Revenue
6.6 %
4.2 % 5.9 %
5.3 %
Expense
7.8 %
2.3 % 5.2 %
7.3 %
NOI
6.3 %
6.3 % 6.3 %
1.6 %
As of March 31, 2026
MH
RV MH / RV
UK
Number of Properties
282
157 439
52
North America Same Property adjusted blended occupancy for MH and RV remained unchanged at 98.7% at March 31, 2026, from 98.7% at March 31, 2025.
During the quarter ended March 31, 2026, the Company completed the acquisition of two properties for total cash consideration of $27.6 million.
Refer to page 12 for additional details related to the Company's acquisition and disposition activity.
As of March 31, 2026, the Company had $4.3 billion in debt outstanding with a weighted average interest rate of 3.4% and a weighted average maturity of 6.8 years. At March 31, 2026, the Company's Net Debt to trailing twelve-month Recurring EBITDA ratio was 3.7 times.
Stock Repurchase Program
During the quarter ended March 31, 2026, the Company repurchased approximately 0.5 million shares of the Company's common stock at an average price of $126.45 per share for a total of $60.1 million.
Disclaimer
Sun Communities Inc. published this content on April 27, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 27, 2026 at 20:24 UTC.