SUI · 10-Q · 2026Q1 · Full report
Real Property NOI
SUN COMMUNITIES INC · 2026-04-28 · Importance 59 · Surprise 32
Total Real Property NOI for the three months ended March 31, 2026 was $246.9 million, up from $226.4 million in the prior-year period, a $20.5 million (9.1%) increase. The $20.5 million increase consisted of $10.8 million from Same Property MH NOI, $2.8 million from Same Property RV NOI, $0.2 million from Same Property UK NOI, and $6.7 million net from recently acquired or developed properties and other items. Same Property total operating revenues increased $19.1 million, or 6.6%, driven by increases in Real property (excluding transient) revenue across MH (5.2% increase in monthly base rent) and RV (3.6% increase in monthly base rent).
Key facts
- Total portfolio Real Property NOI increased $20.5 million or 9.1% for the three months ended March 31, 2026 compared to the same period in 2025.
- Same Property real property (excluding transient) revenue for MH was $243.1 million for the three months ended March 31, 2026, a 6.7% increase from $227.9 million in 2025.
- Same Property Real Property NOI for MH and RV combined was $229.8 million for the three months ended March 31, 2026, up $13.6 million or 6.3% from $216.2 million in 2025.
- Same Property MH NOI increased $10.8 million year-over-year for the three months ended March 31, 2026.
- Same Property real property (excluding transient) revenue for RV was $71.9 million for the three months ended March 31, 2026, a 6.5% increase from $67.5 million in 2025.
- Total NOI for the three months ended March 31, 2026 was $255.4 million.
- Real property NOI for the three months ended March 31, 2026 was $246.9 million.
- Consolidated Real Property operating revenues for the three months ended March 31, 2026 were $385.8 million excluding transient and $31.4 million transient, totaling $417.2 million.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +4.0% | Total portfolio Real Property NOI increased $20.5 million or 9.1% for the three months ended March 31, 2026 compared to the same period in… |
| operating_income | positive | realized | +2.7% | Same Property Real Property NOI for MH and RV combined was $229.8 million for the three months ended March 31, 2026, up $13.6 million or… |
| operating_income | positive | realized | +2.1% | Same Property MH NOI increased $10.8 million year-over-year for the three months ended March 31, 2026. |
| revenue | positive | realized | +0.9% | Same Property real property (excluding transient) revenue for RV was $71.9 million for the three months ended March 31, 2026, a 6.5%… |
| operating_income | positive | realized | +0.6% | Same Property RV NOI increased $2.8 million year-over-year for the three months ended March 31, 2026. |
| operating_income | positive | realized | — | Total NOI for the three months ended March 31, 2026 was $255.4 million. |
| revenue | positive | realized | — | Consolidated Real Property operating revenues for the three months ended March 31, 2026 were $385.8 million excluding transient and $31.4… |