EarningsQ2 2026 Earnings Report
MX:SUI Q2 2026 EPS Results
Actual EPS-$146.88
Consensus EPS$12.03
Beat/MissMissed by -$158.91
One Year Ago EPS$182.15
MX:SUI Q2 2026 Revenue Results
Actual Revenue$8.83B
Expected Revenue$11.33B
Beat/MissMissed by -$2.51B
YoY Revenue Growth-23.33%
Earnings Announcement Details
QuarterQ2 2026
Date07/27/2026
TimeAfter Close
Conference CallMonday, July 27, 2026
MX:SUI Upcoming Earnings
Sun Communities's next earnings date is estimated for October 26, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:SUI Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a generally positive operating and financial picture: the company beat Q2 core FFO, raised same-property NOI guidance modestly, showed strong Manufactured Housing performance (high occupancy and double-digit MH NOI growth in the quarter), demonstrated disciplined capital allocation (large share buybacks) and maintained a healthy balance sheet. Offsetting items include sequential deceleration in some RV revenue metrics, softer home-sales volume, modest incremental guidance changes despite beats, and the pending UK sale which introduces timing and accounting uncertainty. Overall, operational improvements and cost discipline, plus buybacks and balance-sheet strength, outweigh the headwinds described.Company Guidance
Core FFO Beat and Raised Outlook
Core FFO per share of $1.84 in Q2, beating the high end of guidance by $0.05. Company raised its 2026 same-property NOI outlook; combined North America MH & RV same-property NOI midpoint now expected to increase 4.9% (up 20 basis points from prior guidance). Updated core FFO guidance midpoint referenced at approximately $7.02 (guidance currently includes UK contribution assumptions separately disclosed).
Manufactured Housing (MH) Outperformance
Manufactured Housing same-property NOI increased 8.8% in the quarter and MH same-property NOI growth is now guided to ~6.5% for the year. Occupancy remained above 98%, supported by durable demand and favorable affordability trends.
RV Platform Resilience and Operational Improvements
RV portfolio performed in line with guidance; transient pacing improved through the season and annual conversions were close to 100 net in Q2. Technology and booking-system deployments provide enterprise-wide booking visibility and improved revenue management, supporting RV durability (RV same-property NOI guidance increased to ~1% growth at midpoint).
Disciplined Capital Allocation and Active Buybacks
Announced a new $1.0 billion buyback program and repurchased ~ $200 million of common stock during and subsequent to Q2; year-to-date repurchases of ~$260 million and ~ $800 million repurchased since program inception (about 6.5 million shares, ~5.1% of shares outstanding at program start). Approximately $800 million remains available under the current authorization.
Strong Balance Sheet and Debt Management
Total debt approximately $4.1 billion as of June 30 with a weighted-average interest rate of 3.3% and weighted-average maturity of 6.9 years. Net debt to trailing 12-month recurring EBITDA ratio ~3.9x (near stated leverage midpoint target of 3.5x–4.5x). Company repaid ~$178 million of mortgage loans during the quarter and subsequently repaid an additional ~$258 million (via revolver).
Expense Discipline and Operating Efficiency
Disciplined expense management contributed to outperformance with notable savings in payroll, utilities and taxes. Management highlighted productivity gains from process simplification and technology investments, which supported NOI upside.
MX:SUI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed