Sun Communities (SUI) Q3 2025 Earnings Transcript

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Thursday, Oct. 30, 2025 astatine 2 p.m. ET

• Chief Executive Officer — Charles Young

• President and Chief Operating Officer — John McLaren

• Chief Financial Officer — Fernando Castro-Caratini

• Chief Investment Officer — Aaron Weiss

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Charles Young: Good afternoon, and convey you for joining america connected today's 3rd 4th net call. This is my archetypal net telephone arsenic Chief Executive Officer of Sun, and I privation to commencement by saying however excited I americium to beryllium a portion of this exceptional team. Since stepping into the relation connected October 1, I spent my archetypal period listening, learning and engaging crossed the company. I person already visited a ample fig of our communities, and I look guardant to continuing my tours. My archetypal fewer weeks reaffirmed what drove maine to Sun, the spot of our teams, the standard of the platform, the prime of our communities and the accidental successful beforehand of us.

It is wide that Sun's occurrence has been built connected a beardown foundation, underpinned by a heavy committedness and dedication to our residents and guests. I'm thrilled to beryllium joining astatine this pivotal infinitesimal successful the company's journey, and I look guardant to gathering connected Sun's beardown legacy. My near-term absorption includes 3 cardinal areas: one, deepening my knowing of the MH and RV business, ensuring I'm grounded successful each facet of our company's operations and culture; two, supporting our squad arsenic we present connected our strategy and commitments; and three, assessing opportunities for disciplined semipermanent growth. I americium grateful for the lukewarm invited I person received from the Sun team.

I look guardant to moving unneurotic to proceed to thrust excellence successful each that we bash for the payment of our squad members, residents, guests and our stakeholders. With that, I'll crook the telephone implicit to John and Fernando to reappraisal our 3rd 4th results and outlook successful much detail. John?

John McLaren: Thank you, Charles. On behalf of the full team, we are thrilled to invited you to Sun Communities. Your heavy knowing of and acquisition successful the existent property manufacture and caller perspectives person already been additive, which volition assistance usher Sun done this adjacent breathtaking section of maturation and worth creation. Turning to our performance. I'm precise pleased with our 3rd 4th results. Sun reported halfway FFO per stock of $2.28, exceeding the precocious extremity of our guidance range, driven by beardown same-property show successful North America and the U.K. For the 3rd quarter, wrong our North American same-property portfolio, NOI accrued 5.4%, led by manufactured housing, which delivered 10.1% NOI maturation and maintained a coagulated 98% occupancy.