Sun Communities, a real estate investment trust that owns and operates manufactured housing and recreational vehicle communities, reported net income attributable to common shareholders of $121.9 million, or $0.99 per diluted share, for the fourth quarter of 2025, a reversal from a $224.4 million loss, or $1.77 per share, for the same period in 2024.
The company said North America same property net operating income, or NOI, for manufactured housing and RV communities rose 7.9% and 5.7%, respectively, compared with the prior year, reflecting increased revenue across its portfolio.
In the United Kingdom, same property NOI decreased 2.6% for the quarter on a constant currency basis.
For the full year ended December 31, 2025, Sun Communities reported net income attributable to common shareholders of $1.4 billion, or $10.84 per diluted share, up from $89.0 million, or $0.71 per share, in 2024.
Core funds from operations, or Core FFO, were $1.40 per share for the quarter and $6.68 per share for the year, slightly below $1.41 and $6.81 per share in the prior-year periods.
Occupancy across the company’s North American portfolio remained high, with manufactured housing and annual RV sites at 97.9% at December 31, 2025, compared with 98.0% at year-end 2024.
The number of revenue-producing sites increased by approximately 140 in the fourth quarter and 1,140 for the year.
According to a press release, Charles Young, chief executive officer, said, “I’m pleased to report that Sun delivered strong fourth quarter results, reflecting the strength of our platform and the quality of our team’s execution.”
“Our North America Same Property NOI increased 7.9% in the fourth quarter, reflecting strong underlying fundamentals across our portfolio. During 2025, we invested more than $450 million to acquire high-quality communities and returned over $1.5 billion to our shareholders,” Young said.
Young added that the company’s “strategic transformation has created a streamlined, focused platform that is ideally positioned to benefit from the ongoing demand for affordable housing, and our best-in-class balance sheet provides us with exceptional financial flexibility.”
“As we look ahead, I am confident that our strong operational momentum will deliver sustainable growth and create lasting value for all stakeholders, while providing exceptional communities and experiences for our residents and guests,” Young noted.
Sun Communities also announced that Young will present at the 2026 Citi Global Property CEO Conference in Hollywood, Florida, on March 2 at 1:30 p.m. Eastern Standard Time.
Investors can listen to a live audio webcast through the Events Calendar section of the company’s website, with a replay available for one year.