The slight decrease in Core FFO per share from 2024 to 2025, coupled with guidance that suggests only modest growth in 2026, indicates limited near-term upside. The 8% distribution increase is positive but may not be enough to drive significant share price appreciation. Investors should monitor the company's ability to achieve its 2026 NOI growth targets.
Price Chart
Executive Summary
Sun Communities reported strong 2025 fourth quarter and full-year results, highlighted by a 7.9% increase in North America Same Property NOI for the quarter and 5.7% for the full year. The company maintained its Core FFO per share at $6.68 for the year, slightly below 2024's $6.81. It provided 2026 guidance projecting Core FFO per share of $6.83-$7.03 and increased its quarterly distribution by 8% to $1.12 per share. The company also acquired 14 MH and RV communities for $457 million and returned over $1.5 billion to shareholders.
Key Financial Metrics
Key Facts
- Core FFO per share was $1.40 for Q4 2025 and $6.68 for the full year 2025, compared to $1.41 and $6.81 in 2024
- North America Same Property NOI increased 7.9% for Q4 2025 and 5.7% for the full year 2025
- 2026 guidance projects Core FFO per share of $6.83-$7.03 and North American Same Property NOI growth of 4.5% at the midpoint
- Company increased quarterly distribution by 8% to $1.12 per share
- Acquired 14 MH and RV communities for $457 million in 2025
- Distributed over $1.5 billion to shareholders in 2025 through cash distributions and share repurchases
Financial Impact
Core FFO per share decreased slightly from $6.81 in 2024 to $6.68 in 2025, with 2026 guidance projecting growth to $6.83-$7.03
Segment Breakdown
| Segment | Growth |
|---|---|
| North America | +5.7% |
| UK | +3.5% |
Risk Factors
- Core FFO per share declined slightly from 2024 to 2025
- 2026 guidance suggests only modest growth in Core FFO per share
- Company's performance is sensitive to interest rates and operating costs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000912593-26-000073 |
| Document: sui-20260224.htm | 0000912593-26-000073 |
| Document: 0000912593-26-000073-index-headers.html | 0000912593-26-000073 |
| Document: 0000912593-26-000073-index.html | 0000912593-26-000073 |
| Document: 0000912593-26-000073.txt | 0000912593-26-000073 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 27, 2026 9w ago | Press Release | $124.09 $125.94 | ▲ +1.49% | ▼ −1.89% | $110.75 (−10.75%) |
Jul 20, 2026 10w ago | Press Release | $119.04 $120.17 | ▲ +0.95% | ▼ −1.61% | $110.75 (−6.96%) |
May 21, 2026 19w ago | Press Release | $125.61 $118.46 | ▼ −5.69% | ▼ −6.24% | $110.75 (−11.83%) |
Apr 27, 2026 22w ago | Press Release | $128.15 $124.87 | ▼ −2.56% | ▼ −8.03% | $110.75 (−13.58%) |
Apr 17, 2026 24w ago | Press Release | $129.93 $121.87 | ▼ −6.20% | ▼ −11.58% | $110.75 (−14.76%) |
Mar 12, 2026 29w ago | Press Release | $134.92 $128.82 | ▼ −4.52% | ▼ −6.50% | $110.75 (−17.92%) |
Feb 25, 2026 31w ago | 8-K | $132.15 $127.63 | ▼ −3.42% | ▲ +1.82% | $110.75 (−16.19%) |
Feb 24, 2026 31w ago | 8-K | $132.15 $127.63 | ▼ −3.42% | ▲ +1.82% | $110.75 (−16.19%) |
US Market Status
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