Sun Communities, Inc. (SUI) Earnings
Sun Communities, Inc. is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $0.66. SUI has beaten EPS estimates in 7 of its last 12 reported quarters (average surprise +4.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $1.31 | $1.40 | +6.9% | $508M | +3.5% |
| Feb 25, 2026 | $1.37 | $1.40 | +2.2% | $515M | +0.4% |
| Oct 29, 2025 | $2.18 | $2.28 | +4.6% | $697M | +36.9% |
| Jul 30, 2025 | $1.67 | $1.76 | +5.4% | $607M | -14.9% |
| Feb 26, 2025 | $1.39 | $1.41 | +1.4% | $741M | +2.2% |
| Jul 31, 2024 | $1.87 | $1.86 | -0.5% | $869M | -2.4% |
| Feb 20, 2024 | $1.34 | $1.34 | +0.0% | $727M | +8.6% |
| Oct 25, 2023 | $2.47 | $2.57 | +4.0% | $968M | +3.0% |
| Jul 26, 2023 | $1.95 | $1.96 | +0.5% | $850M | +1.5% |
| Feb 22, 2023 | $1.27 | $1.33 | +4.7% | $664M | +0.8% |
| Jul 25, 2022 | $2.01 | $2.02 | +0.5% | $807M | +19.1% |
| Feb 21, 2022 | $1.30 | $1.31 | +0.8% | $538M | +18.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Disciplined capital allocation: Maintaining strong balance sheet, pursuing selective value-enhancing growth opportunities, having deployed over $450 million of acquisitions in late 2025 and $60 million in share repurchases in Q1 2026, with over $1.5 billion returned to shareholders since 2025. • Optimizing operating platform: North American portfolio outperformance with same-property MH and RV NOI up 6.3%, UK segment performance in line with plan, focusing on enhancing data analytics and asset management. • Targeted investment: In communities, infrastructure, and digital capabilities to enhance resident/guest and team member experience and support data-driven decision-making.
Guidance
• Raised full-year 2026 core FFO per share guidance range to 687 - 707 with a midpoint of 697, a 4 cent increase. • Within North America, expected full-year same property NOI growth of approximately 4.7% with manufactured housing at 6.2% (up from prior guidance) and RV at 0.9% growth. • Incremental uplift driven by modest improvements in interest income, lower expected interest expense, and contributions from brokerage and other income streams.
Segment performance
North American same-property MH and RV NOI increased 6.3% in Q1. In manufactured housing, same-property NOI increased 6.3% with revenues up 6.6% driven by site rent growth. RV segment same-property NOI also increased 6.3% with revenues up 4.2% and expenses increasing by 2.3%. UK same-property NOI increased 1.6% with revenues up 5.3% and expenses in line with guidance. Core FFO per share for the quarter was $1.40, exceeding expectations.
Analyst Q&A
Q: News articles suggested selling park holidays and about $400 million of ground leases purchased at discounts, comment on UK business.
A: Charles said UK business is high-quality, strong team, solid asset base, performing in line with expectation, near-term focus is to maximize value through execution, strengthening performance, driving growth, maintaining cost control and flexibility.
Q: About $2.4 billion in gross assets, what's included, development land, financing opportunities?
A: Fernando said majority is operating assets for Park Holidays, about $1.9 billion, Park Holidays is financed against corporate credit facility, acquired ground leases give strategic and financial flexibility.
Q: Follow-up on Park Holiday buying asset, how it fits and reaction to buying?
A: Aaron said acquired Kingfisher is complementary to existing assets, de minimis from overall investment but enhances growth opportunity, will assess value-optimizing opportunities.
Q: Expense savings focus, how far through process?
A: John said expense discipline is core, always looking for efficiencies in expense categories, procurement platform growing.
Q: FFO guidance beat, why outperformance not read forward more?
A: Brad was told first quarter has lower contribution to rest of year, being prudent with guidance increase as RV contribution higher in summer months.
Q: GNA on income statement, comparable 1Q number and comfort hitting guide?
A: Fernando said majority of ad back activity related to executive leadership transitions, non-recurring, 1Q GNA was about $61 million, comparable would be $51 million.
Q: Stock buybacks, why not buy back more, stock buybacks rank in capital allocation priorities?
A: Charles said capital allocation is to allocate where generates best long-term risk-adjusted returns, balanced approach, will use tools thoughtfully for shareholder value.
Q: Acquisition opportunities in MH, RV, market conditions?
A: Aaron said challenging to acquire high-quality MH and annual RV communities, focused on assets overlaying with operational platform, pipeline reasonably strong, MH opportunities in low to mid 4% cap rate range.
Q: Focus to enhance data analytics, early wins, opportunity in MH, RV annuals, transient?
A: Charles said focus on unified digital backbone, ERP implementation gives more real-time data, early wins, John added data unlocking better conversion of prospect funnels, RV booking platform heat maps inform revenue management.
Q: Long-term lease termination losses, explain?
A: Fernando said lease termination charge relates to acquiring long-term lease in UK, non-cash accounting charge, nothing to do with asset operations.
Q: Acquisition opportunities in UK, competition, cap rate, EBITDA multiple?
A: Aaron said highly selective, view recent acquisition as one-off, cap rates and yields in UK higher than USFMH, underwriting targets higher.
Q: Macro challenges in UK, impact on domestic vacations, home sales?
A: John said macro challenging, but local vacations leading to positive short-term stays, which may lead to more home sales down the road.
Q: Revenue from real property for North America, drivers of guidance raise, occupancy vs rates?
A: Explained raise expectations unchanged from October, MH guidance increase, RV expected to catch up, modeling occupancy gain from sites.
Q: Expense side, guidance midpoint change, insurance market thoughts?
A: John said expense growth in line with expectations, higher growth items due to colder winter, real estate taxes, offsets on utilities, insurance expectations embedded in full-year guidance.
Q: Home sales in UK, tweaks to drive sales, occupancy?
A: John said strategy to shift revenue mix to drive more real property income, occupancy dip from new expansion sites built last quarter.
Q: CFO search update?
A: Charles said conducting thorough search, engaged third party, moving with urgency but not rushing, strong continuity in finance organization.
Q: RV revenue producing site net gain down, driver, offsetting pressure?
A: John said due to timing strategy for new RV annuals in 2026, focus on retention, pace on renewals ahead of Q1 expectations.
Q: Annual RV same-store revenue growth, driver, tailwind for rest of year?
A: Explained additional income from fewer discounts, fee income, potential tailwind but being thoughtful about remainder of year.
Q: Expected deceleration in North American NOI growth from 1Q to 2Q, reason?
A: John said related to comp perspective, RV portfolio transient RV revenue decline in 1Q was better comp for 401Q, guide for 2Q expects above 4% growth with MH at 6.5% and RV at 2% decline.
Q: Share of G&A load attributable to Park Holidays?
A: Fernando said estimate high $30 million contribution from full-year perspective.
Q: RV guide, comps, expected ramp in transient revenue growth?
A: John said expectations unchanged, 1Q transient RV revenue decline, full-year guidance at midpoint 1.9% decline, second quarter expecting about 3.7% moderation.
Q: Road to housing bill, removal of permanent chassis requirement, impact on communities, capital allocation?
A: Charles said supportive of housing affordability, industry part of solution, John said removal of chassis requirement creates opportunities for cost savings, affordable housing, appealing designs to locals.
Q: What's being done with UK, options on the table?
A: Charles said continually evaluate portfolio to create long-term shareholder value, UK is high-quality business, strong team, executing well, focus on maximizing value through execution.
Q: UK occupancy slip in quarter, visibility on second and third quarters?
A: John said occupancy dip from new expansion sites built last year.
Q: Northeast sites shifted from annual to transient, relation to RV renewals, forward booking trends for summer?
A: John said encouraged by current pacing and trends but still early in year, will provide more color as things progress.
Q: Municipality approval in Texas and Kentucky, impact on expansion/development opportunities?
A: John said need for meaningful work between federal and local, optimistic but marginal improvement, interested in impact of chassis removal on local approvals.
Q: Guidance increase, conservatism in rest of year?
A: John said remaining thoughtful about relative contribution, RV contribution in first quarter only 16% of full-year, some additional expenses or performance changes for remainder of year.
Q: Follow-up on guidance beat, offset in rest of year?
A: John said outperformance in manufactured housing, small outperformance in RV, guidance increase for MH, RV guidance same, some outperformance in seasonally higher contribution orders.