The earnings beat and raised guidance support a positive near-term outlook. Monitor the earnings call for details on occupancy trends and acquisition pipeline. Historical model performance suggests tempered T+20 returns; consider taking profits on strength.
Price Chart
Executive Summary
Sun Communities reported Q1 2026 Core FFO per share of $1.40, up from $1.26 a year ago, and total revenue of $507.9M, beating the $490.8M consensus. North America same-property NOI grew 6.3% and full-year 2026 Core FFO guidance was raised by $0.04 to $6.87-$7.07. Despite a GAAP net loss, the underlying operating performance and guidance raise point to strong fundamentals.
Key Financial Metrics
Key Facts
- Core FFO per share of $1.40 vs $1.26 YoY (+11.1%)
- Total revenue $507.9M, up 8.0% YoY, beating $490.8M consensus
- North America same-property NOI grew 6.3%
- Full-year 2026 Core FFO per share guidance raised $0.04 to $6.87-$7.07
- Repurchased 0.5M shares for $60.1M during the quarter
- Net debt to TTM Recurring EBITDA at 3.7x with weighted average interest rate of 3.4%
Financial Impact
Revenue beat by ~3.5%, Core FFO beat likely vs consensus, guidance raised modestly
Risk Factors
- Interest rate sensitivity on debt refinancing
- Occupancy declines in MH or RV segments
- UK currency exposure and economic conditions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3282024 |
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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