Sun Communities (SUI) Q3 2026 Earnings Report
MX:SUI Q3 2026 EPS Results
- Actual EPS
- MXN 20.10
- Consensus EPS
- MXN 23.46
- Beat/Miss
- Missed by -MXN 3.36
- One Year Ago EPS
- MXN 1.32
MX:SUI Q3 2026 Revenue Results
- Actual Revenue
- MXN 10.50B
- Expected Revenue
- MXN 10.59B
- Beat/Miss
- Missed by -MXN 84.27M
- YoY Revenue Growth
- -19.91%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/26/2026
- Time
- After Close
- Conference Call
- Monday, October 26, 2026
Sun Communities's next earnings date is estimated for February 23, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q3 2026 Earnings Call Summary
The call was strongly positive overall. Sun reported a core FFO beat for the third consecutive quarter, strong manufactured housing growth and demand, higher 2027 rent increases, a strengthened balance sheet, and continued progress on portfolio simplification and operating optimization. The main challenges were weaker RV same-property NOI, higher property-specific utility expenses, and the future loss of UK, Fort Myers, and Australia joint venture contributions, but management characterized the core business as durable and growing positively.
For 2026, updated full-year core FFO guidance is $6.97 to $7.05 per share, while manufactured housing same-property NOI growth guidance is 6.9-7.2%; combined MH and RV same-property NOI growth guidance was raised, and the RV growth range was narrowed, but exact ranges were not stated. For 2027, average rent increases are expected to be approximately 5.4% for manufactured housing and 4.4% for annual RV, both above last year's levels; Fort Myers contributed approximately $10 million of business interruption income in 2026, which will not recur in 2027, and the Sun-Ingenia joint venture’s contribution is expected to be lower because of fewer home sales.
- Core FFO Beat Guidance for Third Consecutive QuarterThird-quarter core FFO was $2.35 per share, $0.02 above the high end of guidance, marking the third consecutive quarter of exceeding expectations in 2026.
- Business Simplification and Focused PortfolioSun completed the sale of its UK business in September, completing a multiyear simplification effort and leaving the company focused on North American manufactured housing and RV operations.
- Disciplined Capital DeploymentUsing approximately $1 billion of UK sale proceeds, Sun repurchased approximately $544 million of shares year to date and paid down nearly $450 million of debt. The company also sold three RV communities in Fort Myers for $127 million and completed selective acquisitions of two manufactured housing communities in the Pacific Northwest.
- Strong Manufactured Housing PerformanceManufactured housing same-property NOI increased 6.9% in the third quarter, driven by 5.8% revenue growth and a 2.8% increase in expenses. Manufactured housing occupancy was approximately 98%.
- Robust Manufactured Housing DemandTraffic to Sun's manufactured housing website increased approximately 50% versus last year in the third quarter, with the company receiving more than 20 applications on average for every available site.
- Higher Manufactured Housing Rent Growth OutlookSun expects 2027 full-year manufactured housing rental rate increases to average approximately 5.4%, above 2026 levels and approximately 40 basis points above last year's level.
- Annual RV Revenue and Retention Remained ResilientSame-property annual RV revenue increased 2.4% in the third quarter. Management said annual RV demand and retention remained strong, and the company achieved close to 150 net annual conversions over the last several months.
- RV Platform Optimization and Guest Experience ImprovementsEnhanced revenue management, booking data, expanded booking channels, and digital self-service initiatives supported approximately a 40% improvement in response rates. Management said transient RV demand trends were stable and pacing was solidly within expectations.
- Higher Annual RV Rental Rate OutlookSun expects 2027 annual RV rental rates to increase by approximately 4.4% on average, above last year's levels.
- Strong Balance Sheet and LiquidityAs of September 30, Sun had approximately $3.8 billion of debt, a weighted average interest rate of 3.3%, and a weighted average maturity of 7.1 years. The company reported ample liquidity, no floating-rate debt, and no meaningful debt maturities until 2028.
- Raised Manufactured Housing and Combined NOI OutlookSun raised its manufactured housing same-property NOI growth guidance to 6.9% to 7.2% from the previously discussed range of 6.1% to 6.9%. The company also raised its combined manufactured housing and RV same-property NOI growth guidance.
- Updated 2026 Core FFO GuidanceUpdated full-year 2026 core FFO guidance is $6.97 to $7.05 per share. The guidance reflects higher same-property NOI expectations, interest income and expense impacts, share repurchases, and new acquisitions.
- Selective Pacific Northwest Acquisition StrategyFollowing the Pacific Northwest acquisitions, Sun expects to operate approximately 1.6 thousand sites in the area using its existing team with minimal incremental staffing. The acquired communities had going-in yields in the low to mid-4s, and Sun expects yield-on-cost improvements; the company said acquisitions closed in 2025 were seeing more than 50 basis points of annual yield-on-cost improvement.
- Continued Investment in Technology, Data, and Operating CapabilitiesSun is continuing to invest in technology and data to improve operating efficiency, revenue management, pricing, procurement, resident and guest experience, and decision-making. Management also cited quicker inventory turn times, improved procurement results, higher renewal rates, and higher conversion rates.
- Targeted Growth Capital Expenditures and ExpansionsThe company is evaluating targeted, community-level growth capital expenditures and expansion projects, including automated meter readers. Management said specific opportunities are expected to deliver returns in excess of the cost of capital and support operating efficiency, resident and guest experience, and long-term earnings growth.
- Positive View of Road to Housing ActManagement described the Road to Housing Act as a positive sign because manufactured housing is increasingly recognized as part of the solution to the affordable housing challenge. Sun is participating in ongoing discussions regarding potential changes involving chassis requirements and additional manufactured housing supply.
MX:SUI Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 23, 2027 | 2026 (Q4) | 10.07- | 18.6 | ― | ― |
| Oct 26, 2026 | 2026 (Q3) | 23.4620.10 | 1.32 | 1428.57% (+18.79) | |
| Jul 27, 2026 | 2026 (Q2) | 12.44-151.79 | 188.24 | -180.64% (-340.03) | |
| Apr 27, 2026 | 2026 (Q1) | 5.00-1.32 | -6.39 | 79.41% (+5.07) | |
| Feb 25, 2026 | 2025 (Q4) | 7.3518.60 | -33.25 | 155.93% (+51.85) | |
| Oct 29, 2025 | 2025 (Q3) | 21.341.32 | 43.4 | -96.97% (-42.08) | |
| Jul 30, 2025 | 2025 (Q2) | 13.38188.24 | 7.89 | 2285.71% (+180.35) | |
| May 05, 2025 | 2025 (Q1) | -1.00-6.39 | -4.13 | -54.55% (-2.25) | |
| Feb 26, 2025 | 2024 (Q4) | 1.78-33.25 | -12.21 | -172.31% (-21.04) | |
| Nov 06, 2024 | 2024 (Q3) | 31.9643.40 | 24.61 | 76.34% (+18.79) |
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.