- SHOP communities in the U.S. delivered 18% same-store cash NOI growth in Q2, adjusted for a prior year tax refund.
- Revenue increased over 8% for the entire same-store SHOP portfolio.
- Occupancy improved by 60 basis points sequentially in June, with move-ins reaching their second-highest level in over 5 years.
- Management emphasized the strong momentum in occupancy and move-in activity, with continued growth expected into July.
Explore Similar Insights
- Manufactured housing same-property NOI increased 7.7% with occupancy up 60 basis points to 97.6%.
- Returned over $830 million to shareholders through special cash distribution and share repurchases.
- RV same-property NOI declined 1.1%, with a 0.9% revenue increase offset by a 3.1% expense increase.
- S&P Global upgraded Sun's credit rating to BBB+ and Moody's to Baa2, citing deleveraging and balance sheet strength.
- Sun Communities reported core FFO per share of $1.76 for Q2 2025, exceeding the high end of guidance.
- Sun paid down approximately $3.3 billion of debt during the quarter, improving balance sheet strength.
- Total North American same-property NOI grew 4.9% in Q2, driven primarily by manufactured housing and cost savings initiatives.
- U.K. same-property NOI increased 10.2% with revenue up 9.5%, partially offset by an 8.8% increase in expenses due to minimum wage hikes.
- Weighted average interest rate on debt was 3.4% with a weighted average maturity of 7.6 years and no floating rate debt outstanding.
- First half 2025 saw record high absorption, supported by employment and income growth exceeding expectations.
- Demand outpacing supply across many markets, with elevated homeownership costs and housing undersupply bolstering occupancy and pricing prospects.
- Management emphasizes positive industry fundamentals and UDR's competitive advantages in leveraging these trends.
- Occupancy growth from trough-to-peak increased to 190 basis points in 2025, up from 180 basis points last year.
- Net effective rates for new customers increased by 28.3%, significantly higher than 15% in 2024.
- Occupancy and move-in rate gaps to last year have narrowed throughout 2025, with July showing further improvement.
- Urban markets like the Acela Corridor and Chicago outperform others, indicating a stickier customer base less reliant on housing transactions.
- Global Housing adjusted EBITDA increased 25% in first 6 months, excluding reportable catastrophes.
- Growth driven by increased demand for lender-placed insurance amid a hardening market.
- Significant expense leverage of over 700 basis points over 2 years.
- Addition of approximately 300,000 loans from new mortgage servicing partner in Q3.
- Ongoing technology investments enhance efficiency, including digitization of millions of documents.
- Growth in renters segment supported by tech-enabled services and platform expansion.
- Achieved a year-to-date combined ratio of 87% excluding cats, on track for mid-80s full-year ratio.
- Core FFO per share for Q2 2025 was $0.55, down 11% year-over-year due to decreased same-store NOI and increased interest expense.
- Expense growth was 4.6%, mainly from higher property taxes, marketing, repair and maintenance, and utilities, partially offset by lower personnel costs.
- Net debt-to-EBITDA was 6.8x at quarter end, slightly improved from 6.9x in Q1.
- Occupancy increased sequentially by 140 basis points in Q2 to 85%, further rising to 85.3% in July, narrowing the year-over-year occupancy gap.
- RevPar improved for five consecutive months ending July, with the year-over-year decline narrowing from 4.2% in February to 1.6% in July.
- Same-store NOI declined 6.1% year-over-year.
- Same-store revenues declined 3%, driven by a 240 basis point drop in average occupancy and a 30 basis point decline in average revenue per square foot.
Dafinchi