SUI · Sun Communities, Inc.

Sun Communities delivered stronger-than-expected Q1 2026 results, with Core FFO per share rising 11% year-over-year to $1.40, driven by robust North America Same Property NOI growth of 6.3%. This performance stemmed from 5.9% revenue growth across MH and RV segments, with revenue up 6.6% in MH and 4.2% in RV, partially offset by expense increases of 5.2%. North America adjusted blended occupancy held steady at 98.7%, underscoring sustained demand. UK Same Property NOI grew modestly by 1.6% on a constant currency basis. CEO Charles Young highlighted momentum from disciplined capital allocation, platform optimization, and community investments, positioning the company for sustainable growth. Balance sheet remains solid with $4.3 billion debt at 3.4% weighted average rate and 6.8-year maturity, yielding a 3.7x Net Debt to trailing Recurring EBITDA ratio. Investment activity included two property acquisitions for $27.6 million cash. The company raised full-year Core FFO guidance by 60 basis points to $6.87-$7.07 per share, reflecting confidence in 4.2%-5.2% North America Same Property NOI growth, up from prior 3.9%-5.0%. Q2 guidance sets Core FFO at $1.71-$1.79. Share repurchases of 0.5 million shares for $60.1 million signal management’s view of undervaluation. Investor call scheduled for April 28, 2026, at 11:00 a.m. ET.