Sun Communities Reports Strong Q4 and Full-Year 2025 Results

Manufactured housing and RV communities drive growth, balance sheet flexibility improves

Mar. 3, 2026 at 3:15am

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Sun Communities (NYSE:SUI) reported fourth-quarter and full-year 2025 results that exceeded the high end of management's guidance ranges, supported by strong manufactured housing fundamentals and improved balance sheet flexibility following portfolio actions during the year. The company delivered core FFO per share of $1.40 for the fourth quarter and $6.68 for full-year 2025, with both results coming in $0.01 above the high end of the company's guidance.

Why it matters

Sun Communities' strong performance in 2025, driven by its manufactured housing and RV communities, highlights the resilience and growth potential of the affordable housing and vacation lodging sectors. The company's improved balance sheet flexibility also positions it well to continue expanding its portfolio and returning capital to shareholders.

The details

Chief Executive Officer Charles Young attributed the company's performance to 'durable fundamentals' across Sun's manufactured housing (MH) and recreational vehicle (RV) communities, emphasizing 'recurring and predictable rental streams' and limited new supply. President John McLaren said total North American same-property NOI increased 7.9% year-over-year in the fourth quarter, driven by 5.9% revenue growth and 2.0% expense growth, with blended occupancy over 99%. In the U.K., however, fourth-quarter same-property NOI declined by approximately $500,000, citing macroeconomic pressures including the national minimum wage increase.

  • Sun Communities reported fourth-quarter and full-year 2025 results on March 1, 2026.
  • The company closed a new $2 billion, five-year credit facility in September 2025.

The players

Sun Communities

A publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of manufactured housing communities, recreational vehicle (RV) resorts and marinas.

Charles Young

Chief Executive Officer of Sun Communities.

John McLaren

President of Sun Communities.

Fernando Castro-Caratini

Chief Financial Officer of Sun Communities.

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What they’re saying

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— Robert Jenkins, San Francisco resident

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee

What’s next

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The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.