SUI · 10-Q · 2026Q1 · Full report
Operating Cash Flow Trends
SUN COMMUNITIES INC · 2026-04-28 · Importance 89 · Surprise 82
Net cash provided by operating activities rose materially to $269.3 million for the three months ended March 31, 2026, versus $139.3 million a year earlier, driven by Same Property operating performance and favorable working capital movement. Investing cash flow flipped to a use of $140.2 million (from $19.6 million provided prior year) due to increased cash deployed to property acquisitions and lower disposition proceeds. Financing cash used increased to $267.3 million, largely from share repurchases and preferred unit redemptions, and cash & equivalents declined by $139.1 million to $497.0 million quarter‑end.
Key facts
- Net cash provided by operating activities for the three months ended March 31, 2026 was $269.3 million compared to $139.3 million for the three months ended March 31, 2025, an increase of $130.0 million.
- For the three months ended March 31, 2026, interest income was $7.4 million compared to $4.4 million in 2025, an increase of $3.0 million or 68.2%.
- Same Property total operating revenues for MH and RV combined for the three months ended March 31, 2026 were $341.3 million, up $19.1 million or 5.9% from $322.2 million in 2025.
- Net loss attributable to SUI common shareholders for the three months ended March 31, 2026 was $8.7 million compared to a net loss of $42.8 million for the three months ended March 31, 2025.
- FFO attributable to SUI common shareholders and convertible securities for the three months ended March 31, 2026 was $121.6 million compared to $141.1 million for the three months ended March 31, 2025.
- FFO per share attributable to SUI common shareholders and convertible securities for the three months ended March 31, 2026 was $0.95 compared to $1.07 for the three months ended March 31, 2025.
- Core FFO per share attributable to SUI common shareholders and convertible securities for the three months ended March 31, 2026 was $1.40 compared to $1.26 for the three months ended March 31, 2025.
- During the year ended December 31, 2025 Sun Communities received an $80.2 million insurance settlement related to Hurricane Ian, of which $36.5 million was determined to pertain to business interruption recoveries through 2027 and recorded as a contingent gain.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| net_income | positive | realized | +6.7% | Net loss attributable to SUI common shareholders for the three months ended March 31, 2026 was $8.7 million compared to a net loss of… |
| revenue | positive | realized | +3.8% | Same Property total operating revenues for MH and RV combined for the three months ended March 31, 2026 were $341.3 million, up $19.1… |
| cash | positive | realized | +1.0% | Net cash provided by operating activities for the three months ended March 31, 2026 was $269.3 million compared to $139.3 million for the… |
| net_income | positive | realized | +0.6% | For the three months ended March 31, 2026, interest income was $7.4 million compared to $4.4 million in 2025, an increase of $3.0 million… |
| cash | negative | realized | -0.2% | FFO attributable to SUI common shareholders and convertible securities for the three months ended March 31, 2026 was $121.6 million… |
| cash | positive | realized | +0.1% | Core FFO attributable to SUI common shareholders and convertible securities for the three months ended March 31, 2026 was $179.1 million… |