Sun Communities reported a second-quarter net income of $1.3 billion attributable to common shareholders, or $10.02 per diluted share, as it finalized the sale of its marina assets and reaffirmed its focus on manufactured housing and recreational vehicle communities.
The results, released July 31, reflect a substantial increase from $52.1 million, or $0.42 per diluted share, during the same period last year.
Despite the profit attributable to shareholders, the company posted a net loss from continuing operations of $92.2 million, or $1.23 per diluted share, compared to net income of $32.7 million, or $0.21 per diluted share, in the second quarter of 2024.
For the first half of 2025, Sun Communities also reported a net income attributable to common shareholders of $1.2 billion, or $9.68 per diluted share.
This compares to $24.7 million, or $0.20 per diluted share, for the first six months of 2024.
Net loss from continuing operations during the period widened to $115.3 million, or $1.42 per diluted share, from $4 million, or $0.09 per diluted share, in the prior year.
The company’s Core Funds from Operations (Core FFO), a key performance metric for REITs, also totaled $1.76 per share for the quarter and $3.02 per share for the six-month period.
Both figures declined slightly from $1.86 and $3.05, respectively, during the same periods in 2024.
Same Property Net Operating Income (NOI) in North America for manufactured housing and RV communities increased by $11.3 million and $20.8 million, or 4.9% and 4.8%, respectively, compared to the second quarter and first half of 2024.
In the U.K., Same Property NOI rose by $2.1 million and $1.6 million, or 10.2% and 5%, respectively.
“We are pleased to report strong second quarter results with earnings ahead of our expectations, as we demonstrated the strength of our platform,” Chairman and CEO Gary A. Shiffman said in a press release.
“It was also one of the most pivotal quarters in our history as we completed the previously announced sale of Safe Harbor Marinas and repositioned Sun as a pure-play owner and operator of manufactured housing and RV communities,” Shiffman added.
Shiffman added that the sale of the marina portfolio streamlined operations and improved financial flexibility, supporting long-term shareholder value. He also announced that Charles Young will assume the CEO role in October.
“After over 40 years as CEO, I am proud to reflect on the Company’s incredible journey,” Shiffman said.
As of June 30, Sun’s North American portfolio reported an occupancy rate of 98.1% for MH and annual RV sites, up from 97.5% at the same point last year. The company added approximately 460 revenue-producing sites during the second quarter and more than 470 during the first six months.
Founded in 1975 and publicly listed since 1993, Sun Communities is a fully integrated REIT trading under the NYSE symbol SUI.