Sun Communities Q1 Core FFO Hits $1.40, NOI up 6.3%
Sun Communities reported a net loss of $8.7 million, or $0.07 per diluted share, and core FFO of $1.40 per share in Q1 2026, versus a $42.8 million loss and $1.26 core FFO a year earlier. North America same-property NOI rose 6.3% to $13.6 million with 97.8% occupancy, and full-year Core FFO guidance was raised by $0.04 to $6.87–$7.07.
1. Q1 Financial Performance
Sun Communities recorded a net loss attributable to common shareholders of $8.7 million, or $0.07 per diluted share, in the quarter ended March 31, 2026, compared to a $42.8 million loss, or $0.34 per share, in Q1 2025. Core funds from operations rose to $1.40 per share, up from $1.26 in the prior-year period.
2. Operational Metrics
North America same-property net operating income grew by $13.6 million, or 6.3%, driven by strength across both manufactured housing and RV communities. MH and RV occupancy stood at 97.8%, while the company acquired two properties for $27.6 million during the quarter.
3. Guidance and Capital Efficiency
Full-year 2026 Core FFO guidance was increased by $0.04 to a range of $6.87–$7.07, with same-property NOI growth guidance raised to 4.2%–5.2%. The company repurchased 0.5 million shares for $60.1 million and maintained a net debt to EBITDA ratio of 3.7x with $4.3 billion of debt outstanding.