Sun Residential Real Estate Investment (SRES) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 rose 3.6% year-over-year to $1.49 million; six-month revenue up 2.8% to $2.97 million.

• Net income for Q2 2025 was $69,303, down from $279,332 year-over-year; six-month net income fell 14.3% to $803,117, impacted by a $567,573 loss on asset sales.

• The trust sold its two properties in June and is being wound up, with distributions to unitholders underway.

Financial highlights

• Funds from operations (FFO) for Q2 2025 were $145,049, up 39% year-over-year; AFFO was $143,391, also up 39%.

• For the six months, FFO was $328,440 (up 7.7%) and AFFO was $326,782 (up 7.7%) compared to the prior year.

• Net operating income margin stood at 55% for the period.

• Total assets at June 30, 2025, were $17.7 million, down from $64.5 million at year-end 2024.

• Cash and cash equivalents increased to $17.7 million from $3.3 million at December 31, 2024.

Outlook and guidance

• The trust is in the process of winding up, terminating, and delisting following asset sales.

• A second and final distribution to unitholders is planned, representing less than 10% of proceeds.