SUI · 10-Q · 2026Q1 · Full report

Geographic Market Commentary - UK

SUN COMMUNITIES INC · 2026-04-28 · Importance 57 · Surprise 50

UK Same Property operating revenues rose 5.3% to $30.7 million on a constant currency basis and Same Property NOI increased to $10.5 million (+1.6% constant currency) for the quarter. UK transient (holiday) revenue increased notably (real property transient +27.6%), while adjusted occupancy declined modestly to 89.5% after accounting for expansion and vacant sites. Management notes the UK portfolio is concentrated in seaside holiday parks in southern England and presents seasonal revenue patterns skewed to March–October. Currency effects are material and the company presents UK Same Property NOI on a constant currency basis to isolate operating performance.

Key facts

• Other income/(expense), net for the three months ended March 31, 2026 was an expense of $3.8 million compared to income of $5.7 million in 2025, primarily due to a long-term lease termination loss in the UK of $12.2 million in the current period.
• Same Property UK total operating revenues for the three months ended March 31, 2026 were $30.7 million, a 5.3% increase from $29.2 million in 2025 on a constant currency basis.
• UK Same Property NOI prior to constant currency adjustments increased by 8.1% during the three months ended March 31, 2026.
• UK Same Property Real Property NOI for the three months ended March 31, 2026 was $10.5 million, up $0.2 million or 1.6% from $10.3 million in 2025 on a constant currency basis.

Impact estimates