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Sun Communities (SUI) investor relations material
Sun Communities Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Completed the sale of Safe Harbor Marinas, generating $5.25 billion in pre-tax proceeds and a $1.4 billion gain, repositioning as a pure-play manufactured housing and RV operator.
Returned over $830 million to shareholders via special $4.00/share distribution and share repurchases; initiated a $1.0 billion stock repurchase program.
Announced Charles Young as incoming CEO, effective October 1, 2025, with outgoing CEO transitioning to non-executive chairman.
Strategic focus shifted to core MH and RV segments, streamlining operations and enhancing financial flexibility.
Financial highlights
Net income attributable to common shareholders was $1.3 billion ($10.02 per diluted share) for Q2 2025, up from $52.1 million ($0.42 per share) in Q2 2024, driven by the Safe Harbor gain.
Core FFO per share was $1.76 for Q2 2025, down from $1.86 in Q2 2024, but exceeded guidance.
North American same property NOI grew 4.9% year-over-year in Q2 2025; UK same property NOI increased 10.2%.
Manufactured housing same property NOI up 7.7% year-over-year; occupancy rose to 97.6%.
Cash, cash equivalents, and restricted cash rose to $1.46 billion as of June 30, 2025.
Outlook and guidance
Raised full-year 2025 Core FFO per share guidance to $6.51–$6.67, a $0.06 increase at midpoint.
North American same property NOI growth guidance increased to 3.9%–5.6%; UK same property NOI growth guidance increased to 1.3%–3.3%.
Plan to reinvest $565.3 million in 1031 exchange escrow for future MH and RV acquisitions.
Ongoing targeted disposition of non-strategic assets and selective development pipeline expansion.
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Frequently asked questions
Homes for recreation
Sun Communities is a Canadian real estate investment trust (REIT) that owns and operates over 200 manufactured home communities. They have developed more than 400 properties into appealing communities since Milton M. Shiffman started the company in 1975. Today, they have a mix of recreational vehicles (RV), marinas, and mobile homes, representing over 60 percent of their portfolio.
Sun Communities were listed on the New York Stock Exchange in 1993.
People who are interested in Sun Communities are usually curious about the following companies: Essex Property Trust, Equity LifeStyle Properties, and Equity Residential.
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