Sun Communities, Inc. (NYSE:SUI) Q3 2023 Earnings Conference Call October 26, 2023 2:00 PM ET
Company Participants
Gary Shiffman - Chairman, President and CEO
Fernando Castro-Caratini - Chief Financial Officer
Conference Call Participants
Samir Khanal - Evercore
Wes Golladay - Robert W. Baird
John Pawlowski - Green Street
Brad Heffern - RBC Capital Markets
Nick Joseph - Citi
Keegan Carl - Wolfe Research
Josh Dennerlein - Bank of America
Michael Goldsmith - UBS
John Kim - BMO Capital Markets
James Feldman - Wells Fargo
Anthony Powell - Barclays
Anthony Hau - Truist Securities
Steve Sakwa - Evercore ISI
Eric Wolfe - Citi
Operator
Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Sun Communities Third Quarter 2023 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 meaning of the Private Securities Litigation Reform Act of 1995.
Although the company believes the 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, President and Chief Executive 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 one question, 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, President and Chief Executive Officer. Mr. Shiffman, you may begin.
Gary Shiffman
Good afternoon. And thank you for joining our call to discuss third quarter results and our updated 2023 guidance. We reported another strong quarter with core FFO per share of $2.57, exceeding the high end of our guidance range.
Total same-property NOI growth of 6.7% meaningfully outperformed guidance, demonstrating how our properties high demand and scarce supply fundamentals generate durable growing real property income. Same-property NOI growth was fueled primarily by solid revenue growth and continued cost saving initiatives across our properties.