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Sun Communities, Inc. furnished an investor presentation outlining its 2025 performance, balance sheet repositioning, and 2026 outlook. The company highlights its position as a leading owner and operator of manufactured housing and RV communities, with FY25 rental revenue primarily from MH (59%), RV (31%) and UK (10%).
Real property operations drove results, with FY25 real property NOI of $1,059 million, and consolidated NOI of $1,156.8 million, with 92% of NOI from rental income. FY25 Core FFO per share was $6.68, and 4Q25 Core FFO per share was $1.40. For FY26, the company guides to Core FFO per share midpoint of $6.93 and North America same property NOI growth midpoint of 4.5%.
The presentation describes 2025 as a transformational year, including repayment of approximately $3.3 billion of debt, elimination of floating-rate exposure, a net debt/TTM EBITDA ratio of 3.4x, and a $5.65 billion sale of Safe Harbor Marinas at 21x FFO. Sun also reports investment-grade ratings of BBB+ (S&P) and Baa2 (Moody’s), continued same property NOI growth, and detailed reconciliations for FFO, Core FFO, NOI, and EBITDA-based metrics.
Sun Communities, Inc., a REIT focused on manufactured housing, RV communities, and UK holiday parks, highlights a transformative year marked by the sale of its marina business, Safe Harbor Marinas, for approximately $5.65 billion. The transaction generated about $5.25 billion of pre-tax cash proceeds at initial closing and a total agreed value including delayed closings, resulting in a recorded gain of $1.5 billion and a full exit from marinas.
The company now operates three segments—MH, RV, and UK—with 513 properties and 178,650 developed sites across the U.S., Canada, and the UK as of December 31, 2025. It reports $4.3 billion of total debt, all at fixed rates, and continues to use an UPREIT structure with multiple preferred and common OP unit series. The filing outlines growth via selective acquisitions, a sizable rental home program, and detailed risk factors including geographic concentration, climate exposure, insurance cost pressures, leverage, and REIT tax and governance constraints.
Sun Communities Inc. executive Aaron Weiss reported a tax-related share disposition. On the transaction date, he transferred 1,529 shares of common stock at a value of $131.32 per share to satisfy tax withholding obligations, a non-market transaction coded as “F.” After this, he directly held 62,121 shares.
Sun Communities Inc executive Marc Farrugia, EVP & Chief Admin. Officer, reported two tax-withholding share dispositions of common stock on February 24, 2026. These code F transactions covered 932 directly held shares and 8 shares owned by his spouse at an indicated price of $131.32 per share. After these transactions, he held 48,315 shares directly, while indirect holdings included 707 shares owned by his spouse and 11,301 shares owned by a revocable trust.
SUN COMMUNITIES INC executive Bruce Thelen, EVP and COO, reported a tax-related share disposition. On this Form 4, 1,025 shares of common stock were withheld at $131.32 per share to cover tax obligations, leaving him with 55,882 shares of directly owned common stock.
Sun Communities reported a sharp turnaround for 2025, driven by the sale of its marina business and solid property performance. Net income attributable to common shareholders reached $1.4 billion, or $10.84 per diluted share, versus $89.0 million, or $0.71, in 2024, largely reflecting a $1.4 billion gain on the Safe Harbor Marinas sale.
Core FFO per share was $1.40 for the fourth quarter and $6.68 for 2025, with 2026 Core FFO guidance of $6.83 to $7.03 per share. North America Same Property NOI rose 7.9% in the fourth quarter and 5.7% for the year, while UK Same Property NOI increased 3.5% for 2025 on a constant currency basis.
The company acquired 14 manufactured housing and RV communities for $457.0 million and completed total dispositions of $5.64 billion, including the marina divestiture. Debt outstanding was $4.3 billion at a 3.4% weighted average rate, with Net Debt to trailing twelve‑month Recurring EBITDA at 3.4x. Sun returned over $1.5 billion of capital to shareholders in 2025, including $539.1 million of share repurchases, and the board approved an 8% increase in the quarterly distribution to $1.12 per share, or $4.48 annually.
Sun Communities President John Bandini McLaren reported a tax-related share disposition. On this Form 4, he used 872 shares of common stock, valued at $131.16 per share, to satisfy tax obligations. After this transaction, he directly holds 75,120 shares and indirectly holds 10 shares in an IRA.
Sun Communities executive Mark E. Patten, who served as Executive Vice President, Chief Financial Officer, Secretary and Treasurer, reported a disposition of company stock. On February 4, 2026, he forfeited 28,892 shares of common stock at a reference price of $127.92 per share.
The forfeited shares were from a time-based restricted stock award granted to him on January 5, 2026 and were forfeited due to his departure from these roles. Following this transaction, he reported owning no shares of Sun Communities common stock directly.
T. Rowe Price Associates, Inc. filed an amended Schedule 13G reporting beneficial ownership of 5,560,089 shares of Sun Communities Inc., representing 4.5% of the REIT’s outstanding class. T. Rowe Price reports sole voting power over 5,508,182 shares and sole dispositive power over 5,560,075 shares, with no shared voting or dispositive power.
The firm certifies the shares were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Sun Communities, and not in connection with any control-related transaction, other than activities solely in connection with a nomination under the cited proxy rule.
Sun Communities Inc. executive Bruce Thelen, EVP and COO, reported a tax-related share disposition. On February 11, 2026, he disposed of 317 shares of Sun Communities common stock in a transaction coded "F," which represents shares withheld to cover a tax liability or exercise price at $127.81 per share. After this transaction, he directly beneficially owned 56,907 shares of Sun Communities common stock.