Financial Performance - For the quarter ended June 30, 2025, net income attributable to common shareholders was $1.3 billion, or $10.02 per diluted share, compared to $52.1 million, or $0.42 per diluted share for the same period in 2024 [7] - Core Funds from Operations (Core FFO) for the quarter was $1.76 per share, down from $1.86 in the same period of 2024 [7] - North America Same Property Net Operating Income (NOI) for manufactured housing (MH) and recreational vehicle (RV) increased by 4.9% year-over-year [7][8] Operational Highlights - North America Same Property adjusted blended occupancy for MH and RV increased by 150 basis points to 99.0% at June 30, 2025, from 97.5% at June 30, 2024 [9] - The number of MH and annual RV revenue-producing sites increased by approximately 460 sites during the quarter [8] - UK Same Property NOI increased by 10.2% for the quarter ended June 30, 2025, compared to the same period in 2024 [7] Capital Management - The company returned over $830 million to shareholders, including special cash distributions and share repurchases [7] - A one-time special cash distribution of $4.00 per common share was paid, totaling $521.3 million [14] - The company repurchased approximately 1.6 million shares at an average cost of $124.03 per share for a total of $202.8 million during the quarter [15] Strategic Developments - The company completed the sale of Safe Harbor Marinas, generating approximately $5.25 billion in pre-tax cash proceeds and a book gain of $1.4 billion [12] - The company is transitioning to a pure-play owner and operator of manufactured housing and RV communities, enhancing financial flexibility and shareholder value [5] - Charles D. Young has been appointed as the new CEO, effective October 1, 2025, succeeding Gary A. Shiffman [17] Guidance Updates - The company raised its full-year 2025 Core FFO per share guidance to a range of $6.51 to $6.67 [7] - North American Same Property NOI growth guidance has been increased to a range of 3.9% to 5.6% [7] - UK Same Property NOI growth guidance has been updated to a range of 1.3% to 3.3% [7]

Financial Data and Key Metrics Changes - The company reported core FFO per share of $1.26, representing a 5.8% increase year over year [14] - As of March 31, the company's debt balance stood at $7.4 billion with a weighted average interest rate of 4.1% [14] - The net debt to trailing twelve month recurring EBITDA ratio was 5.9 times [14] Business Line Data and Key Metrics Changes - North American same property portfolio delivered 4.6% NOI growth, driven by an 8.9% increase in manufactured housing same property NOI [9][10] - Revenue from manufactured housing grew 7.3%, supported by strong rental rate increases and a 150 basis point occupancy gain [10] - The RV segment saw a 7.8% increase in revenue year over year, but same property NOI declined by 9.1% due to softness in the transient RV business [11] Market Data and Key Metrics Changes - In the UK, total same property NOI saw a modest decrease of $600,000 compared to the prior year, primarily due to higher payroll and real estate taxes [11] - Revenue in the UK grew 0.2%, supported by higher manufactured housing income and home sales volumes [12] Company Strategy and Development Direction - The company is repositioning towards a pure play owner and operator of manufactured housing and recreational vehicle communities [5] - A new long-term net debt to EBITDA target of 3.5x to 4.5x has been established as part of the capital allocation plan [6] - The company is focused on operational excellence and disciplined execution through consistent organic growth and selective expansions [9] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the company's platform and long-term opportunities in the manufactured housing and RV segments [7] - The fundamentals driving demand for affordable housing remain intact, supporting a positive outlook [7] - Management acknowledged macroeconomic uncertainties affecting the transient RV business but emphasized the importance of annual revenue growth [34] Other Important Information - The company plans a one-time cash distribution of $4 per share and a planned increase to the quarterly distribution by approximately 10.6% to $1.04 per common share [16] - A $1 billion stock repurchase program has been adopted to allow for future repurchases of common shares [17] Q&A Session Summary Question: Can you walk us through the increase in manufactured housing NOI guidance? - Management noted good occupancy gains, strong renewal performance, and effective expense management as reasons for the revised guidance [24][25] Question: What is the outlook for RV guidance? - Management attributed the decline in transient RV revenue to seasonality and a shift towards shorter booking windows, particularly affecting Canadian guests [34][36] Question: What is the expected cash balance for the rest of the year? - Management confirmed that the expected cash balance is around $1.7 billion, which is embedded in guidance [40] Question: Can you discuss the types of properties targeted for acquisitions? - Management indicated a focus on high-quality single manufactured housing assets and small portfolio opportunities, emphasizing a disciplined approach [42][43] Question: What is the status of the CEO succession process? - Management stated that the search committee is actively engaged and making progress, with the possibility of an announcement before year-end [47][48] Question: What is the expected recurring CapEx for 2025? - Management expects recurring CapEx for the MH, RV, and UK portfolio to be just over $70 million for the year [99]

Financial Data and Key Metrics Changes - The company reported core FFO per share of $1.26, representing a 5.8% increase year over year [13] - As of March 31, the company's debt balance stood at $7.4 billion with a weighted average interest rate of 4.1% [13] - The net debt to trailing twelve month recurring EBITDA ratio was 5.9 times [13] Business Line Data and Key Metrics Changes - The North American same property portfolio delivered 4.6% NOI growth, driven by an 8.9% increase in manufactured housing same property NOI [8][9] - Revenue from manufactured housing grew 7.3%, supported by strong rental rate increases and a 150 basis point occupancy gain [9] - The RV segment experienced a 7.8% revenue increase year over year, but same property NOI declined by 9.1% due to softness in the transient RV business [10] Market Data and Key Metrics Changes - In the UK, total same property NOI saw a modest decrease of $600,000 compared to the prior year, primarily due to higher payroll and real estate taxes [10] - The company noted that Canadian guests accounted for roughly 4% of the annual base and 5% of transient RV revenue, impacting overall performance [10] Company Strategy and Development Direction - The company is repositioning towards a pure play owner and operator of manufactured housing and recreational vehicle communities [4] - A new long-term net debt to EBITDA target of 3.5x to 4.5x has been established as part of the capital allocation plan [5] - The company is focused on operational excellence and disciplined execution through consistent organic growth and selective expansions [8] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the company's platform and long-term opportunities across the manufactured housing and RV segments [5] - The fundamentals driving demand for affordable housing remain intact, supporting a positive outlook [5] - Management acknowledged challenges in the transient RV business due to macroeconomic uncertainty and reduced Canadian guests [10] Other Important Information - The company plans a one-time cash distribution of $4 per share and a planned increase to the quarterly distribution by approximately 10.6% to $1.04 per common share [16] - A $1 billion stock repurchase program has been adopted to allow for future repurchases of common shares [17] Q&A Session Summary Question: What is driving the increase in manufactured housing NOI guidance? - Management noted good occupancy gains, strong renewal performance, and effective expense management as key factors [23][25] Question: Is the repurchase authorization opportunistic or a consistent strategy? - Management indicated that it is part of a larger thoughtful program related to the company's positioning and financial flexibility [28][30] Question: What is the reason for the revision in RV guidance? - Management attributed the revision to a shift towards shorter booking windows and challenges with Canadian guests [34][36] Question: What is the expected cash balance for the rest of the year? - The expected cash balance is around $1.7 billion, which is embedded in guidance [40][41] Question: What types of properties are being targeted for acquisitions? - The company is focused on high-quality single manufactured housing assets and small portfolio opportunities [45] Question: What is the status of the CEO search? - The search committee is actively engaged and hopes to secure a candidate by year-end [49][50] Question: What is the expected recurring CapEx for 2025? - The expected recurring CapEx for the MH, RV, and UK portfolio is just over $70 million for the year [98]

Financial Data and Key Metrics Changes - The company reported core FFO per share of $1.26, representing a 5.8% increase year over year [14] - As of March 31, the company's debt balance stood at $7.4 billion with a weighted average interest rate of 4.1% [14] - The net debt to trailing twelve month recurring EBITDA ratio was 5.9 times [14] - The company established a new long-term net debt to EBITDA target of 3.5x to 4.5x [6] Business Line Data and Key Metrics Changes - North American same property portfolio delivered 4.6% NOI growth, driven by manufactured housing performance [9] - Manufactured housing same property NOI increased by 8.9% in the first quarter, with revenue growing by 7.3% [10] - RV segment revenue increased by 7.8% year over year, but same property NOI declined by 9.1% due to softness in the transient RV business [11] - In the UK, total same property NOI saw a modest decrease of $600,000 compared to the prior year [12] Market Data and Key Metrics Changes - The company noted that Canadian guests account for roughly 4% of the annual base and 5% of transient RV revenue, impacting overall performance [11] - The company experienced a shift towards shorter booking windows in the RV segment, affecting transient revenue [36] Company Strategy and Development Direction - The company is focused on a strategic repositioning toward a pure play owner and operator of manufactured housing and recreational vehicle communities [5] - A capital allocation plan was executed post-Safe Harbor transaction, emphasizing debt reduction and financial flexibility [15] - The company is underwriting high-quality single assets and small portfolio manufactured housing opportunities [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the company's platform and long-term opportunities in the manufactured housing and RV segments [7] - The fundamentals driving demand for affordable housing remain intact, supporting a positive outlook [7] - Management acknowledged macroeconomic uncertainties affecting the transient RV business but remains optimistic about future performance [36] Other Important Information - The company plans a one-time cash distribution of $4 per share and a planned increase to the quarterly distribution by approximately 10.6% [16] - A $1 billion stock repurchase program was announced, allowing for future repurchases of common shares [17] Q&A Session Summary Question: What led to the increase in manufactured housing NOI guidance? - Management indicated that the increase was due to good occupancy gains, strong renewal performance, and effective expense management [24][25] Question: Is the repurchase authorization opportunistic or a consistent strategy? - Management clarified that it is part of a larger thoughtful program related to the company's positioning and financial flexibility [28] Question: What factors contributed to the revision in RV guidance? - Management attributed the revision to a shift towards shorter booking windows and challenges with Canadian guests [34][36] Question: What is the expected cash balance for the rest of the year? - Management confirmed that the expected cash balance is around $1.7 billion, which is embedded in guidance [41] Question: What types of properties are being targeted for acquisitions? - Management is focused on high-quality single manufactured housing assets and small portfolio opportunities [44] Question: What is the status of the CEO succession process? - Management indicated that the search for a new CEO is ongoing, with a possibility of an announcement before year-end [48][49] Question: What is the expected recurring CapEx for 2025? - Management expects recurring CapEx for the MH, RV, and UK portfolio to be just over $70 million for the year [99]

Core Insights - Sun Communities, Inc. reported a net loss of $23.1 million, or $0.19 per diluted share, for the first quarter of 2025, an improvement from a net loss of $36.7 million, or $0.31 per diluted share, in the same period of 2024 [3] - The company completed the sale of its Safe Harbor Marinas business for net pre-tax cash proceeds of $5.25 billion, which is part of a strategy to reduce leverage and enhance financial flexibility [5][12] - Core Funds from Operations (Core FFO) per share for the quarter was $1.26, up from $1.19 in the same quarter of 2024 [7] Financial Performance - The North America Same Property Net Operating Income (NOI) for manufactured housing (MH) and recreational vehicle (RV) increased by $9.6 million, or 4.6%, year-over-year [7] - The adjusted blended occupancy for MH and RV in North America rose to 99.0%, a 150 basis point increase from the previous year [9] - The company expects Core FFO per share for 2025 to be in the range of $6.43 to $6.63, with North American Same Property NOI growth projected at 3.5% to 5.2% [18] Distributions and Shareholder Returns - A special cash distribution of $4.00 per share was announced, totaling approximately $520 million, payable on May 22, 2025 [16] - The quarterly distribution is set to increase by 10.6% in 2025, reaching $1.04 per share [16] - The company has authorized a stock repurchase program of up to $1.0 billion [17] Operational Highlights - The company’s portfolio included 502 properties with approximately 174,850 developed sites as of March 31, 2025 [32] - The occupancy rate for MH and annual RV sites was 98.0% as of March 31, 2025, compared to 97.5% a year earlier [8] - The company is focused on enhancing operational efficiencies and revenue-driving strategies, particularly in the manufactured housing sector [5] Balance Sheet and Capital Structure - As of March 31, 2025, the company had $7.4 billion in debt with a weighted average interest rate of 4.1% [11] - The net debt to trailing twelve-month recurring EBITDA ratio was 5.9 times [11] - The company has begun using proceeds from the Safe Harbor sale for debt reduction and reinvestment in its core portfolio [12][13]