SUI · 10-Q · 2026Q1 · Full report

Occupancy and Leasing Activity

SUN COMMUNITIES INC · 2026-04-28 · Importance 42 · Surprise 14

Portfolio occupancy remains very high: overall occupancy was ~96.8% with MH at 97.1%, RV at 100.0% and UK at 88.8% for the quarter. Same Property adjusted blended occupancy for MH and RV combined was unchanged at 98.7% year‑over‑year, and blended MH/RV occupancy increased 20 bps to 98.2%. The company continues to grow its rental program: occupied rental homes increased to 12,800 units companywide and gross investment in occupied rental homes rose 18.3% to $961.0 million. High occupancy supports rental rate increases and same‑property NOI growth across segments.

Key facts

• Same Property adjusted occupancy for UK, adjusting for recently delivered and vacant expansion sites, decreased 50 basis points year over year to 89.5% at March 31, 2026 from 90.0% at March 31, 2025.
• Same Property blended occupancy for MH and RV was 98.2% at March 31, 2026, up 20 basis points from 98.0% at March 31, 2025.
• As of March 31, 2026, MH total sites were 100,830, RV sites were 56,550, and UK sites were 21,920, totaling 179,300 sites.
• As of March 31, 2026, MH occupancy was 97.1%, RV occupancy was 100.0%, and UK occupancy was 88.8% for consolidated reporting.
• Same Property adjusted blended occupancy for MH and RV combined remained unchanged at 98.7% at March 31, 2026 from 98.7% at March 31, 2025.
• The filing lists our ability to maintain rental rates and occupancy levels as a risk factor.