Sun Communities Raises Distribution, Delivers $6.68 Core FFO and 7.9% NOI Growth
Sun Communities reported Q4 2025 core FFO of $1.40 per share and full-year core FFO of $6.68, with net income per diluted share of $0.99 in Q4 and $10.84 for the year. North America same-property NOI rose 7.9% in Q4, acquisitions totaled $457 million and capital returned exceeded $1.5 billion.
1. Q4 and Full-Year 2025 Results
Sun Communities reported net income per diluted share of $0.99 for Q4 2025 and $10.84 per share for the full year, versus prior-year losses. Core funds from operations reached $1.40 per share in Q4 and $6.68 for 2025, reflecting improved operational performance.
2. Same-Property NOI Growth
North America same-property net operating income for manufactured housing and RV communities rose 7.9% in Q4 and 5.7% for the full year, supported by a 7.3% revenue increase and controlled expense growth. Occupancy remained high at 97.9% for MH and annual RV sites at year-end.
3. Acquisitions and Capital Return
The company invested $457.0 million to acquire 14 manufactured housing and RV communities in 2025 and returned over $1.5 billion to shareholders through cash distributions and share repurchases. This underlines a disciplined approach to growth and shareholder value creation.
4. 2026 Guidance and Distribution Rate
For 2026, Sun Communities expects core FFO per share of $6.83 to $7.03, North America same-property NOI growth of 4.5% at the midpoint and UK growth of 2.2%. The quarterly distribution rate for 2026 was increased, reflecting confidence in cash flow stability.