Sun Communities (SUI) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

October 25, 2022 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Sun Communities Third Quarter 2022 Earnings Conference Call. At this time, management would like me to inform you that certain statements made during this call, which are not historical facts, may be deemed forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995. Although, the company believes expectations reflected in any forward-looking statements are based on reasonable assumptions, the company can provide no assurance that its expectations will be achieved. Factors and risks that could cause actual results to differ materially from expectations are detailed in yesterday's press release and from time to time in the company's periodic filings with the SEC. The company undertakes no obligation to advise or update any forward-looking statements to reflect events or circumstances after the date of this release.

Having said that, I would like to introduce management with us today, Gary Shiffman, Chairman and Chief Executive Officer; John McLaren, President and Chief Operating Officer; and Fernando Castro-Caratini, Chief Financial Officer. After their remarks, there will be an opportunity to ask questions. For those who would like to participate in the question-and-answer session, management asks that you limit yourself to two questions, so everyone who would like to participate has ample opportunity. As a reminder, this call is being recorded.

I will now turn the call over to Gary Shiffman, Chairman and Chief Executive Officer. Mr. Shiffman, you may begin.

Gary Shiffman

Good morning, and thank you for joining us as we discuss our third quarter 2022 results and provide an update of our full year guidance. I would first like to share my best wishes and support for everyone affected by Hurricane Ian. The swift, organized response of our Sun team members in the preparation and cleanup from the hurricane was remarkable and selfless.

We are pleased with our results this quarter and year-to-date, and our outperformance demonstrates both the resilience of our properties and our strength as operators. Our portfolio of best-in-class assets in high demand locations is strategically positioned to continue creating value for stakeholders through varying economic cycles.

Our proven track record of execution, facilitated by an operational platform, which is second to none, allows Sun to provide continued growth. Our third quarter was exceptionally strong, exceeding the high end of our guidance. As Fernando will detail, we are raising our midpoint of full year FFO guidance.