Sun Communities(US:SUI) Globenewswire·2025-10-29 20:25Core Insights - Sun Communities, Inc. reported a net income of $0.07 per diluted share for Q3 2025, including income from discontinued operations, and a Core FFO per share of $2.28 for the quarter [1][5] - The company experienced a 5.4% year-over-year increase in North America Same Property NOI for manufactured housing (MH) and recreational vehicle (RV) communities [1][5] - The company raised its full-year 2025 Core FFO per share guidance by $0.04, reflecting a 0.6% increase at the midpoint, to a range of $6.59 to $6.67 [1][5] Financial Performance - For Q3 2025, net loss from continuing operations was $3.7 million, or $0.05 per diluted share, compared to a net income of $278.4 million, or $2.09 per diluted share for the same period in 2024 [5][6] - For the nine months ended September 30, 2025, net income attributable to common shareholders was $1.2 billion, or $9.81 per diluted share, compared to $313.4 million, or $2.51 per diluted share for the same period in 2024 [5][6] - Core FFO for the nine months ended September 30, 2025, was $5.28 per share, compared to $5.41 for the same period in 2024 [5][6] Operational Highlights - North America Same Property adjusted blended occupancy for MH and RV increased by 130 basis points year-over-year to 99.2% [1][5] - The number of MH and annual RV revenue-producing sites increased by approximately 520 sites during Q3 2025 [6] - The company completed the sale of the remaining Safe Harbor Marinas properties, resulting in over $1.0 billion returned to shareholders since the initial closing of the Safe Harbor Sale [1][10] Investment Activity - In October 2025, the company acquired 14 communities for $457.0 million [1][8] - The company had $629.5 million in 1031 exchange escrow accounts to fund potential acquisitions as of September 30, 2025 [11] - The company repurchased approximately 2.3 million shares of common stock at an average cost of $126.92 per share for a total of $297.5 million during Q3 2025 [14] Guidance and Future Outlook - The company raised North American Same Property NOI growth guidance by 35 basis points at the midpoint to a range of 4.6% to 5.6% [1][5] - Preliminary 2026 rental rate guidance is established at 5.0% for MH, 4.0% for annual RV, and 4.1% for the UK [1][26] - The company expects to maintain strong demand fundamentals for its communities, driven by the need for affordable housing and recreational experiences [4]