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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______ Commission file number: 1-12616 SUN COMMUNITIES, INC (Exact Name of Registrant as Specified in its Charter) Maryland 38-2730780 (State of Incorporat ...

Financial Data and Key Metrics Changes - The company reported core FFO per share of $2.28, exceeding the high end of guidance, driven by strong same property performance in North America and the UK [5] - North American same property NOI increased by 5.4%, with manufactured housing delivering 10.1% NOI growth and maintaining a solid 98% occupancy [5][6] - Annual RV rental rates for 2026 are being set with an estimated average annual increase of approximately 4% [7] - Total debt stood at $4.3 billion with a weighted average interest rate of 3.4% and a weighted average maturity of 7.4 years [10] - The company raised its core FFO per share expectations for 2025 to a range of $6.59 to $6.67, reflecting continued operational strength [11] Business Line Data and Key Metrics Changes - Manufactured housing same property NOI is now expected to grow by 7.8% at the midpoint, reflecting continued outperformance [11] - RV same property NOI guidance has been raised to a 1% decline at the midpoint, supported by stable third quarter results [12] - In the UK, same property NOI grew by 5.4%, supported by 4.8% revenue growth and 4% expense growth [7][12] Market Data and Key Metrics Changes - Home sale volumes in the UK are lighter compared to recent record volumes, but the company maintains elevated market share [8] - The UK team is strategically shifting the earnings mix toward recurring real property income while driving operational excellence [8] Company Strategy and Development Direction - The new CEO emphasized three key areas of focus: understanding the MH&RV business, supporting the team in delivering on strategy, and assessing opportunities for disciplined long-term growth [4] - The company is committed to operational excellence and resident satisfaction as core values [18] - The strategy includes disciplined capital allocation and a focus on enhancing long-term shareholder value through buybacks and acquisitions [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's performance and the demand for affordable housing, noting a 98% occupancy rate [18] - The company is focused on retention and operational execution as key drivers for long-term growth, particularly in the RV space [35] - Management acknowledged macro challenges but highlighted strong execution and performance in the UK market [42] Other Important Information - The company completed the disposition of nine delayed consent properties for total proceeds of approximately $118 million [9] - The company has been active in acquiring ground leases, with 28 ground leases purchased year to date for approximately $324 million [10] Q&A Session Summary Question: Initial observations and potential improvements - The new CEO highlighted the strength of the team and the quality of communities, focusing on supporting the team to finish strong in 2025 [15][16] Question: Strategy regarding the UK market - The CEO expressed encouragement about the UK team's performance and their focus on growing recurring revenue [20][22] Question: Transaction market and pricing - The company remains disciplined in capital deployment, seeing an increase in transactional activity but focusing on high-quality assets [25][26] Question: Transient RV performance and Canadian customers - Management noted that Canadian customers represent a small percentage of the business and discussed strategies to improve retention and fill gaps [28][29] Question: Annual RV increase strategy - The company is prioritizing retention and operational execution, leading to a tempered 4% RV annual increase for 2026 [34][35] Question: UK home sales environment - Home sales in the UK are lighter than last year, but the overall performance remains strong with a focus on recurring income [41][42] Question: Use of cash and capital allocation - The company plans to maintain a disciplined approach to capital allocation, balancing growth and shareholder value [66]

Core Insights - Sun Communities reported a revenue of $697.2 million for Q3 2025, reflecting a year-over-year decline of 25.8% and an EPS of $2.28, slightly down from $2.31 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $706.57 million, resulting in a surprise of -1.33%, while the EPS exceeded expectations by 4.59% [1] Revenue Breakdown - Real property revenues (excluding transient) were $384.2 million, down 20.9% year-over-year, and above the average estimate of $360.71 million [4] - Real property revenues (transient) reached $133.5 million, a decline of 10% year-over-year, compared to the estimated $122.01 million [4] - Brokerage commissions and other net revenues were $5.8 million, significantly lower than the estimated $11.78 million, marking a 34.1% year-over-year decrease [4] - Interest revenues surged to $17.3 million, exceeding the estimate of $17.09 million, with a remarkable year-over-year increase of 214.6% [4] - Home sales revenues totaled $95.6 million, slightly below the estimated $96.4 million, representing a 9.2% decline year-over-year [4] Stock Performance - Over the past month, shares of Sun Communities have returned -5.1%, contrasting with the Zacks S&P 500 composite's +3.8% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Southfield, MI, Oct. 29, 2025 (GLOBE NEWSWIRE) -- Net Income per Diluted Share of $0.07 for the Quarter, inclusive of Income from Discontinued Operations Core FFO per Share of $2.28 for the Quarter North America Same Property NOI for MH and RV Increased by 5.4% for the Quarter on a Year-over-Year Basis North America Same Property Adjusted Blended Occupancy for MH and RV of 99.2% Represents a 130 Basis Point Year-over-Year Increase Completed Sale of Remaining Safe Harbor Marinas Delayed Con ...

Sun Communities, Inc. Earnings Press Release & Supplemental Operating and Financial Data For the Quarter and Nine Months Ended September 30, 2025 | | Page | | --- | --- | | Forward-Looking Statements | i | | | ii | | Earnings Press Release and Guidance | | | Overview | | | Company Overview and Investor Information | 1 | | Financial and Operating Highlights | 2 | | Portfolio Overview | 3 | | Financial Statements and Reconciliations to Non-GAAP Financial Measures | | | Consolidated Balance Sheets | 4 | | Cons ...

Core Viewpoint - Sun Communities, Inc. will release its third quarter 2025 operating results on October 29, 2025, and will host a conference call to discuss these results on October 30, 2025 [1]. Group 1: Conference Call Details - The conference call is scheduled for October 30, 2025, at 2:00 P.M. ET [1]. - Participants can dial in at least 5 minutes prior to the start time, with U.S. and Canada numbers being (877) 407-9039 and international number (201) 689-8470 [2]. - A replay of the conference call will be available until November 13, 2025, with U.S. and Canada replay number (844) 512-2921 and international number (412) 317-6671, using passcode 13755683 [3]. Group 2: Company Overview - As of June 30, 2025, Sun Communities, Inc. owned, operated, or had an interest in a portfolio of 501 developed properties, comprising approximately 174,450 developed sites across the United States, Canada, and the United Kingdom [4].

Core Insights - Sun Communities, Inc. (NYSE:SUI) is recognized for significant revenue and dividend growth, making it one of the 20 best stocks to buy and hold for a lifetime [1] Financial Developments - Sun Communities announced a new $2 billion revolving credit facility on September 22, 2025, replacing a previous $3.05 billion facility set to mature in April 2026 [2] - The new credit facility allows borrowings in multiple currencies, including USD, Euros, Canadian dollars, and Australian dollars, with margins ranging from 0% to 1.4% based on loan type [2] - The maturity date for the new facility is January 31, 2030, with options for six-month extensions, and there were no outstanding borrowings at closing [2] Leadership and Strategic Initiatives - Charles D. Young, the new CEO of Sun Communities, received a $1 million stock reward upon joining the company on October 1, 2025 [3] - The new credit arrangement enhances the company's financial flexibility to support ongoing operations, potential acquisitions, and expansion plans across its portfolio of manufactured home and RV communities [3] Company Overview - Sun Communities is a real estate investment trust (REIT) that owns or manages 501 developed properties, comprising approximately 174,450 units across the United States, Canada, and the United Kingdom [4]

Core Insights - SUI Group Holdings Limited has launched suiUSDe, a Sui-native synthetic dollar token, in partnership with Ethena and the Sui Foundation [1] - The company also introduced USDi, a stablecoin backed by the BlackRock USD Institutional Digital Liquidity Fund [1] - Ethena is the protocol behind USDe, which is noted as the third-largest and fastest-growing USD-denominated digital asset [1]

Company Announcement - Sun Communities, Inc. announced the granting of an equity award to incoming CEO Charles D. Young, effective October 1, 2025 [1][3] - The equity award consists of shares valued at $1,000,000, fully vested upon issuance, and granted outside the Company's 2015 Equity Incentive Plan [2][3] Company Overview - As of June 30, 2025, Sun Communities, Inc. owned, operated, or had an interest in a portfolio of 501 developed properties, comprising approximately 174,450 developed sites across the United States, Canada, and the United Kingdom [4]