SUN COMMUNITIES INC

Sun Communities Inc. reported a significant net loss in Q2 2026, primarily driven by a $1.1 billion non-cash valuation allowance charge related to its agreement to sell its UK subsidiaries (Park Holidays Sale) for approximately $1.04 billion. This strategic divestment led to a Net Loss Attributable to Common Shareholders of $(992.7) million for the quarter. Despite the loss, the company's continuing operations generated $484.6 million in total revenues for Q2 2026 and $535.2 million in net cash from operating activities for the first half of the year. The company also reduced its total debt to $4,052.2 million and repurchased $171.2 million in common stock during the first six months of 2026.

Sun Communities reported a Q2 2026 net loss of $8.08 per diluted share, primarily due to a $1.1 billion non-cash valuation allowance charge related to the planned divestment of its UK business. However, net income from continuing operations was $0.32 per diluted share, and Core FFO per share increased to $1.84. The company also raised its 2026 Same Property Net Operating Income growth guidance to 4.5%-5.3% and announced a $1.0 billion stock repurchase program.

Sun Communities, Inc. announced it will release its second quarter 2026 operating results after the market closes on Monday, July 27, 2026. Following the release, the company will host a conference call to discuss these results on Tuesday, July 28, 2026, at 11:00 A.M. ET. Details for participating in the call via dial-in or webcast, as well as replay information, were provided.

Sun Communities, Inc. announced the appointment of Ileana McAlary as General Counsel, Executive Vice President, and Secretary, effective June 29, 2026. Ms. McAlary joins from SpartanNash, where she served as Executive Vice President, Chief Legal and Compliance Officer, and Corporate Secretary. CEO Charles D. Young expressed enthusiasm for her strategic counsel, M&A expertise, and public company governance experience, anticipating her immediate impact on the leadership team and long-term value creation for stakeholders.

Sun Communities, Inc., a real estate investment trust (REIT) specializing in manufactured housing and recreational vehicle communities, announced its Board of Directors declared a quarterly distribution of $1.12 per share of common stock for the second quarter of 2026. The distribution is scheduled to be paid on July 15, 2026, to shareholders of record as of June 30, 2026. As of March 31, 2026, the company's portfolio included 515 developed properties with approximately 179,300 developed sites.

Sun Communities released an investor presentation highlighting its strategic shift towards a 'Pure Play' North American Manufactured Housing (MH) and Recreational Vehicle (RV) owner following the proposed sale of Park Holidays (UK Sale). The company anticipates that post-transaction, its North American MH & RV portfolio will account for approximately 95% of Real Property NOI, with annual/recurring income increasing to about 76% of revenue. The presentation also included 1Q26 Core FFO per Share of $1.40 and FY26E Core FFO per Share midpoint guidance of $6.97, alongside a renewed $1 billion stock repurchase program.

Sun Communities, Inc. announced that its Board of Directors authorized a new stock repurchase program, allowing the company to repurchase up to $1 billion of its common stock through May 27, 2027. This program renews a previous authorization, providing continued flexibility for share repurchases. The filing also included the filing of Exhibit 2.1, an agreement for the sale and purchase of certain target companies.

Sun Communities, Inc. announced an agreement to sell its UK assets, including the Park Holidays business, to funds affiliated with Aermont Capital for an enterprise value of approximately $1.03 billion (£768 million) in an all-cash transaction. This strategic divestment allows Sun Communities to focus on its core North American manufactured housing and recreational vehicle portfolio, enhancing financial flexibility. The company expects to incur non-cash charges of approximately $1.0 billion to $1.1 billion related to the sale, which is anticipated to close in the second half of 2026.

Sun Communities, Inc. announced a definitive agreement to sell its UK assets, including the Park Holidays business, to funds affiliated with Aermont Capital for an enterprise value of £768 million (approximately $1.03 billion). This strategic divestment allows Sun to fully concentrate on its core North American manufactured housing and recreational vehicle portfolio, with North American MH and RV Real Property NOI expected to generate about 95% of total NOI post-transaction. The deal is anticipated to close in the second half of 2026, subject to regulatory approval, and is expected to enhance the company's financial flexibility and improve its growth and margin profiles.

Sun Communities, Inc. has formally engaged Deloitte & Touche LLP as its new independent registered public accounting firm for the fiscal year ending December 31, 2026, effective May 12, 2026. This follows the dismissal of Grant Thornton LLP, which completed its engagement on April 28, 2026. The company confirmed there were no disagreements with either firm regarding accounting principles or audit scope, except for a previously disclosed and remediated material weakness in internal controls with Grant Thornton.