Sun Communities, Inc. reported its first-quarter 2025 results, with a Net Loss per Diluted Share of $0.34 and Core FFO per Share of $1.26. North America Same Property Net Operating Income (NOI) for Manufactured Housing (MH) and Recreational Vehicle (RV) increased by 4.6%, and blended occupancy rose by 150 basis points year-over-year to 99.0%.
The company confirmed the substantial completion of its Safe Harbor Marinas sale, with the initial closing generating approximately $5.25 billion in pre-tax cash proceeds. These proceeds are being deployed for debt reduction, including settling $1.6 billion under the senior credit facility and $740 million of secured mortgage debt, and planning the redemption of $950 million in unsecured senior notes.
Sun Communities announced a one-time special cash distribution of $4.00 per common share and unit, totaling approximately $520.0 million, payable on May 22, 2025. The Board also approved a 10.6% increase in the regular quarterly distribution to $1.04 per share, expected to begin with the second-quarter distribution.
The company authorized a stock repurchase program of up to $1.0 billion of its outstanding common stock and allocated $1.0 billion into 1031 exchange escrow accounts for potential future MH and RV acquisitions. Updated full-year 2025 Core FFO per Share guidance, post-Safe Harbor sale, is set between $6.43 and $6.63.
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