Sun Communities raises 2026 Core FFO outlook

Sun Communities

27/04/2026 21:29

Overview

U.S. manufactured housing and RV REIT's Q1 net loss narrows year-over-year

Core FFO per share for Q1 rose 11% year-over-year to $1.40

Company repurchased $60.1 mln in stock during the quarter

Outlook

Company raises 2026 Core FFO per share guidance to $6.87-$7.07 from prior $6.83-$7.03

Sun Communities increases 2026 North America Same Property NOI growth guidance to 4.2%-5.2%

Company expects Q2 2026 Core FFO per share of $1.71-$1.79

Result Drivers

NORTH AMERICA NOI GROWTH - Same property NOI in North America rose 6.3% year-over-year, driven by strength across both MH and RV communities

OCCUPANCY AND DEMAND - Blended occupancy for MH and RV in North America remained high at 98.7%, reflecting sustained demand

STRATEGIC FOCUS - Co said results reflect ongoing execution of its strategy focused on disciplined capital allocation, platform optimization, and targeted investment in communities and infrastructure

Company press release: ID:nGNX61WKHT

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
-$0.07
Q1 Net Income
-$8.70 mln
Q1 Adjusted FFO Per Share
$1.40


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"

The average consensus recommendation for the residential reits peer group is "buy"

Wall Street's median 12-month price target for Sun Communities Inc is $143.00, about 10.1% above its April 24 closing price of $129.83

The stock recently traded at 46 times the next 12-month earnings vs. a P/E of 42 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)