Sun Communities, Inc. (NYSE:SUI) Q3 2023 Earnings Call Transcript

Fernando Castro-Caratini: Yeah. The additional the land sale that was sold in February was at 100% LTV. So that would increase the LTV and some additional accrued interest would also increase the LTV there. So it would not be a measure of the collateral itself.

Eric Wolfe: Right. And is it possible to provide the debt yield or NOI on the assets, debt yield maybe just the NOI and maybe debt [ph] or just the NOI just in general for the collateral properties?

Gary Shiffman: Yeah. I think that that’s something that is going to come out of the work that’s being done with the receivership, and at this time, there’s very little we can comment about those properties. But it is all inclusive of the third-party appraisals that we had done and so it is included to get to that value. But what I would suggest the vast majority is the value of the properties themselves and the entitlement.

Eric Wolfe: Great. Okay. All right. Thanks for taking the follow-ups.

Operator: Our next question comes from the line of John Pawlowski with Green Street. Please proceed with your question.

John Pawlowski: Yeah. Thanks for kicking the call going. Fernando, I just want to make sure I interpreted some of your comments of how NOI is going to flow through to earnings going forward. How I interpreted it was you do expect earnings growth for next year relative to calendar year 2023. Is that a fair interpretation?

Fernando Castro-Caratini: Yes.

John Pawlowski: Okay. Are there — back to Nick Joseph’s question about G&A, are there corporate cost-cutting initiatives going to lead to declines in G&A next year relative to calendar year 2023?

Gary Shiffman: Yeah. I think we would share that when we provide guidance.

John Pawlowski: Okay. All right. Thanks a lot for the time today.

Gary Shiffman: Thank you.

Operator: And we have reached the end of the question-and-answer session. I will now turn the call back over to Chairman, President and CEO, Gary Shiffman for closing remarks.

Gary Shiffman: Well, for those of you who are still on, we appreciate your patience and we really do look forward to providing full guidance for 2024 fourth quarter earnings call and I look forward to speaking to everybody then. Thank you.

Operator: This concludes today’s conference and you may disconnect your lines at this time. Thank you for your participation.