2024-02-21 16:17:06 ET
Sun Communities, Inc. (SUI)
Q4 2023 Earnings Conference Call
February 21, 2024 11:00 AM ET
Company Participants
Gary Shiffman - Chairman, President & Chief Executive Officer
Fernando Castro-Caratini - Chief Financial Officer
Conference Call Participants
Michael Goldsmith - UBS
John Kim - BMO Capital Markets
Jamie Feldman - Wells Fargo
Josh Dennerlein - Bank of America
Samir Khanal - Evercore ISI
Keegan Carl - Wolfe Research
Nick Joseph - Citibank
Wes Golladay - Baird
Brad Heffern - RBC Capital
John Pawlowski - Green Street
Anthony Hau - Truist Securities
Anthony Powell - Barclays
Presentation
Operator
Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Sun Communities Fourth Quarter and Year End 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 meanings 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. [Operator Instructions] As a reminder, this call is being recorded.
I'll now turn the call over to Gary Shiffman, Chairman, President and Chief Executive Officer. Mr. Shiffman, you may begin.
Gary Shiffman
Good morning, and thank you for joining us as we discuss fourth quarter and full year results for 2023 and our guidance for 2024. 2023 results demonstrated the resiliency of our best-in-class portfolio and our ability to generate reliable, strong same-property NOI growth. For the year, Sun's core FFO per share of $7.10 was in line with our expectations. Same-property NOI increased 7.3% compared to last year, surpassing the high end of guidance.
Our operational strength highlights the enduring robust demand and limited supply fundamentals of our portfolio, which supports continued strong revenue growth complemented by diligent expense management....
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Sun Communities, Inc. (SUI) Q4 2023 Earnings Call Transcript