Earnings ·
Sun Communities reports Q3 diluted EPS of $1.00 and updates full-year Core FFO guidance to $7.01 midpoint
SUISun Communities Inc
Sun Communities reported third-quarter net income attributable to continuing operations of $137.1 million, or $1.07 per diluted share, compared to a loss in the prior year period. Funds from Operations (FFO) were $2.27 per share and Core FFO was $2.35 per share. Same Property NOI grew 3.6% for the quarter. The company completed the sale of its UK business for approximately $1.03 billion in net proceeds and repurchased $293.3 million of common stock during the quarter. Management updated full-year guidance, expecting Core FFO per share of $7.01 at the midpoint and North America Same Property NOI growth of 4.9% to 5.3%. The company also established preliminary 2027 rental rate increase expectations of 5.4% for manufactured housing and 4.4% for annual RVs. Sun Communities is a real estate investment trust that owns and operates manufactured housing and recreational vehicle communities.