Sun Communities raises 2026 same property NOI growth guidance to 4.5%-5.3%
Company forecasts 2026 Core FFO per share of $6.94-$7.10
Company expects 2026 diluted EPS of $(6.72)-$(6.56), excluding impact of Park Holidays sale
Analyst coverage and valuation
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 13 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the residential REITs peer group is "buy"
Wall Street's median 12-month price target for Sun Communities Inc is $139.00, about 14.1% above its July 24 closing price of $121.83
The stock recently traded at 47 times the next 12-month earnings vs. a P/E of 45 three months ago
Q2 results and operating drivers
U.S. manufactured housing and RV REIT's Q2 net income from continuing ops turned positive yr/yr
Core FFO per share for Q2 rose yr/yr to $1.84
Company repurchased $111.1 mln in stock during Q2
Growth in same property NOI was driven by strength in the manufactured housing segment, according to the company. Sun Communities said the results also reflected disciplined expense management, per CEO Charles Young. Home sales and ancillary revenues declined, partially offsetting property NOI gains.
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