Every material Form 8-K Sun Communities has filed with the SEC since July 30, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Sun Communities reported third-quarter 2026 results, with Core FFO per share of $2.35 and net income of $1.00 per diluted share including a loss from discontinued operations. The company completed the sale of its UK business on September 22, 2026, which is reflected in a nine-month net loss attributable to common shareholders of $880.7 million, or $7.14 per diluted share. Shareholders should weigh the quarter's year-over-year gains against that large nine-month loss.
Q3 2026 net income per diluted share was $1.00, or $1.07 from continuing operations, compared with $0.07 and a $0.45 loss from continuing operations a year earlier.
Q3 2026 Core FFO per share was $2.35, up from $2.28 in Q3 2025; same property NOI grew 3.6% for the quarter.
Nine-month net loss attributable to common shareholders was $880.7 million, or $7.14 per diluted share, versus net income of $1.2 billion a year earlier.
Updated 2026 Core FFO per share guidance is $6.97 to $7.05; North America same property NOI growth guidance is 4.9% to 5.3%.
On October 1, 2026, Sun Communities' operating partnership created a new class of Series M Preferred Units and issued 283,126 of them at $100 per unit to an initial holder that contributed certain assets. The units pay quarterly distributions of 3.2% to 3.6% a year and can be exchanged into Sun Communities common stock at a $174.00 conversion price, which gives shareholders a new source of potential dilution to monitor.
Issued 283,126 Series M Preferred Units at $100 per unit on October 1, 2026, as consideration for assets contributed to the operating partnership
Distributions are 3.2% a year through October 1, 2027, 3.4% through October 1, 2028, and 3.6% after that
Units are exchangeable into common stock at a $174.00 conversion price and redeemable for $100 per unit on or after October 1, 2027
Issued under the Section 4(a)(2) private placement exemption from Securities Act registration
Sun Communities closed the sale of its UK business, Park Holidays, to Panther Bidco Limited, an affiliate of Aermont Capital, on September 22, 2026. The company received net cash proceeds of approximately $1.03 billion and says it expects to use them primarily for share repurchases, debt repayment and general corporate purposes. The company previously recorded a $1.1 billion valuation allowance charge on the UK business in the second quarter of 2026, and it will update its full-year 2026 outlook on its third quarter earnings call.
Closed on September 22, 2026; buyer Panther Bidco Limited is an affiliate of Aermont Capital
Net cash proceeds of approximately $1.03 billion after closing and transaction costs
Valuation allowance charge of $1.1 billion recorded in the three months ended June 30, 2026
Year-to-date through September 21, 2026, the company repurchased about 3.5 million shares for about $425 million
Sun Communities entered into an amended and restated employment agreement with Chief Investment Officer and Executive Vice President Aaron Weiss, dated August 21, 2026, which takes effect October 19, 2026. The filing sets a $600,000 base salary, a 100% target bonus and enhanced severance and change-in-control terms, which shareholders may view as relevant to executive pay costs and retention.
Base salary of $600,000 with an annual cash bonus target of 100% of base salary
Five-year term beginning October 19, 2026, with automatic one-year renewals
Severance on termination without cause or for good reason equals 1.5 times base salary plus target bonus; change-in-control payment equals two times base salary plus target bonus
Sun Communities appointed Robert A. Garechana, currently executive vice president and chief investment officer at Equity Residential, as its new chief financial officer, effective September 8, 2026. Current CFO Fernando Castro-Caratini moves to an advisory role through October 31, 2026, and the company will pay him severance under his existing agreement.
Garechana, age 47, was Equity Residential's CFO from 2018 to 2025 and its treasurer from 2008 to 2018.
Base salary is $625,000, with a target annual bonus of 150% of base salary.
Start-date equity grant has a target grant date value of $2,500,000, with 30% time-vesting over three years and 70% performance-vesting after three years.
Castro-Caratini remains an advisor through October 31, 2026.
Sun Communities reported a second-quarter net loss to common shareholders of $992.7 million, or $8.08 per diluted share, driven by a $1.1 billion non-cash valuation charge on its UK business, which is being sold. Excluding discontinued operations, net income from continuing operations was $0.32 per diluted share, and Core FFO per share rose to $1.84 from $1.76 a year earlier, and the company raised its 2026 same property NOI growth guidance.
Net loss attributable to common shareholders of $992.7 million ($8.08 per diluted share) for the quarter ended June 30, 2026, versus net income of $1.3 billion ($10.02 per share) a year earlier
Core FFO per share of $1.84 for the quarter, up from $1.76 in the same period of 2025
Same property NOI grew 6.0% for the quarter; 2026 same property NOI growth guidance raised by 20 basis points to 4.5% to 5.3%
Park Holidays UK sale has a base consideration of about $1.04 billion, subject to UK Financial Conduct Authority approval, and is expected to close in the second half of 2026
On May 21, 2026, Sun Communities agreed to sell its UK business, Park Holidays, to funds affiliated with Aermont Capital in an all-cash deal with an enterprise value of £768 million (about $1.03 billion), subject to a UK Financial Conduct Authority approval and expected to close in the second half of 2026. The company expects non-cash charges of about $1.0 billion to $1.1 billion, mainly because the sale price is below its estimate of the business's net asset value, which would weigh on reported results in the quarters ending June 30 and September 30, 2026.
Enterprise value of £768 million (about $1.03 billion), payable in cash and subject to customary adjustments
Expected non-cash charges of approximately $1.0 billion to $1.1 billion, likely recorded in the quarters ending June 30 and September 30, 2026; the company calls this a preliminary estimate
Closing expected in the second half of 2026, subject to UK Financial Conduct Authority approval
Post-sale, North American MH and RV real property NOI is expected to generate about 95% of total NOI
Sun Communities reported a first-quarter 2026 net loss attributable to common shareholders of $8.7 million, or $0.07 per diluted share, narrowed from $42.8 million, or $0.34 per share, a year earlier. Core FFO per share was $1.40, up from $1.26, and the company raised its full-year 2026 Core FFO per share guidance by $0.04 to $6.87 to $7.07.
Q1 2026 total revenues were $507.9 million, up 8.0% from $470.2 million in Q1 2025.
North America Same Property NOI rose 6.3% for the quarter, while North America same property occupancy was 98.7%, unchanged from a year earlier.
Full-year 2026 North America Same Property NOI growth guidance was increased to 4.2% to 5.2%.
The company will hold an investor conference call at 11:00 a.m. ET on April 28, 2026.
Sun Communities appointed John B. McLaren, its current President, as Chief Operating Officer on March 9, 2026, with added responsibility for the operations team. The same day, Bruce D. Thelen left his role as Executive Vice President and Chief Operating Officer to focus on other opportunities.
McLaren, age 55, has worked for the company for 24 years and has been President since November 2024.
His employment agreement has an initial three-year term and a base salary of $600,000, with a target bonus of 150% of base salary.
If the company terminates him without cause or he resigns for good reason, he would receive 1.50 times his base salary plus target bonus, subject to a release.
Sun Communities reported fourth-quarter 2025 net income attributable to common shareholders of $121.9 million, or $0.99 per diluted share, compared with a loss of $224.4 million a year earlier. Core FFO per share was $1.40 in the quarter, down slightly from $1.41, and $6.68 for the full year, down from $6.81, but the company guided 2026 Core FFO to $6.83 to $7.03 per share and raised its quarterly distribution to $1.12 from $1.04.
Q4 2025 net income attributable to common shareholders was $121.9 million, or $0.99 per diluted share, versus a $224.4 million loss, or $1.77 per share, in Q4 2024.
Core FFO per share was $1.40 for Q4 2025 and $6.68 for full-year 2025, compared with $1.41 and $6.81 in the prior-year periods.
2026 guidance projects Core FFO per share of $6.83 to $7.03 for the full year and $1.24 to $1.32 for the first quarter.
The Board approved a quarterly distribution of $1.12 per share, up $0.08 or about 8%, with the first payment expected in April 2026.
Sun Communities appointed Fernando Castro-Caratini as interim Chief Financial Officer effective February 4, 2026, after Mark E. Patten left the role the same day in what the company called a mutual decision. The company has started a search for a permanent CFO, so the post remains interim for now.
Castro-Caratini, age 42, previously served as CFO for about four years and was a senior advisor before this appointment.
Patten's departure was described as mutual and not tied to disagreements over financial policies, accounting, financial statements or disclosures.
Patten will receive separation payments of $3,000,000.
Castro-Caratini's transition agreement runs to February 28, 2027, with a salary of $45,833 per month and a 2026 bonus of up to $1,100,000 plus a $1,000,000 tenure bonus.
Sun Communities said Mark E. Patten, formerly CFO of Essential Properties Realty Trust, will become its Chief Financial Officer, Executive Vice President, Secretary and Treasurer on January 5, 2026, succeeding Fernando Castro-Caratini. The filing also details compensation for Patten and transition agreements for Castro-Caratini and former CEO Gary A. Shiffman, whose transition terms include equity vesting and monthly consulting pay.
Mark E. Patten's base salary is $600,000, with a target annual bonus of 100% of base salary and a 2026 bonus of not less than target.
Patten's package includes a retention restricted stock grant with a target value of $3.5 million, a retention cash bonus of up to $2.3 million, relocation benefits of $100,000, and a 2026 restricted share grant with a target value of $2.0 m
Castro-Caratini will serve as a Senior Adviser through June 30, 2026 at $45,833 per month, and 35,200 restricted shares vest on December 30, 2025.
Shiffman, who retired as CEO effective October 1, 2025, will serve as a Senior Adviser through March 31, 2026 at $75,000 per month, and 118,000 restricted shares vest on January 2, 2026.
Sun Communities reported third-quarter 2025 net income attributable to common shareholders of $8.5 million, or $0.07 per diluted share, down from $288.7 million, or $2.31 per diluted share, a year earlier. Core FFO per share was $2.28, compared with $2.36 in the same period of 2024, but the company raised its full-year 2025 Core FFO per share guidance by $0.04 to a range of $6.59 to $6.67.
Q3 net loss from continuing operations was $3.7 million, or $0.05 per diluted share, versus net income from continuing operations of $278.4 million a year earlier.
North America same property NOI for MH and RV rose 5.4% for the quarter, and adjusted blended occupancy reached 99.2%.
Full-year 2025 diluted EPS guidance is $10.25 to $10.33, and Q4 2025 Core FFO per share guidance is $1.31 to $1.39.
Management will hold an investor conference call at 2:00 p.m. ET on October 30, 2025.
Sun Communities and its operating partnership entered a new credit agreement dated September 17, 2025, which replaces the prior $3.05 billion credit facility. The new facility is a $2.0 billion revolving loan maturing January 31, 2030, and no borrowings were outstanding at closing, so shareholders are seeing a refinancing that extends the debt maturity profile rather than new borrowing.
New revolving credit facility of up to $2.0 billion, maturing January 31, 2030, with two optional six-month extensions
Prior $3.05 billion credit facility, scheduled to mature April 7, 2026, was terminated effective September 17, 2025
Agreement permits additional borrowings of up to $1.0 billion with lender consent
No borrowings were outstanding under the new facility at closing; current margin is 0.725% for non-ABR loans
On July 29, 2025, Sun Communities' Compensation Committee granted cash transaction bonuses totaling $3.2 million to three executives, including CEO Gary A. Shiffman, for their work on the Safe Harbor Marinas sale. The filing ties the bonuses to a sale that the company says closed its initial phase on April 30, 2025 for $5.25 billion, so shareholders can see the payouts as tied to that transaction.
Gary A. Shiffman, Chief Executive Officer, received a $1,500,000 cash transaction bonus.
Fernando Castro-Caratini, Chief Financial Officer, received a $700,000 cash transaction bonus.
Aaron Weiss, Executive Vice President of Corporate Strategy and Business Development, received a $1,000,000 cash transaction bonus.
The bonuses were granted July 29, 2025, for the Safe Harbor Marinas sale, which had an initial closing on April 30, 2025 for $5.25 billion.
Sun Communities reported a second-quarter net loss from continuing operations of $92.2 million, or $1.23 per diluted share, while net income attributable to common shareholders reached $1.3 billion, or $10.02 per diluted share, after the Safe Harbor Sale. Core FFO per share fell to $1.76 from $1.86 a year earlier, but the company raised its full-year 2025 Core FFO per share guidance to $6.51 to $6.67.
Net loss from continuing operations of $92.2 million ($1.23 per diluted share) versus net income of $32.7 million ($0.21) a year earlier
Net income attributable to common shareholders of $1.3 billion ($10.02 per diluted share), versus $52.1 million ($0.42) a year earlier; Safe Harbor Sale gain of $1.4 billion
Core FFO per share of $1.76 versus $1.86 a year earlier; full-year 2025 Core FFO guidance raised to $6.51 to $6.67
Charles D. Young becomes CEO effective October 1, 2025, succeeding Gary Shiffman
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