Sun Communities(US:SUI)2024-11-07 01:58Financial Performance & Guidance - For the quarter ended September 30, 2024, the company reported Core FFO per Share of $2.34[14] - The company projects 2024 Total North America Same Property NOI growth of 2.6% - 3.3%, and UK Same Property NOI growth of 7.1% - 8.7%[14] - The company's FY2024 FFO Guidance is $6.76 - $6.84[14] - The company's YTD North America Same Property NOI margin is 66% through September 30, 2024[27] Strategic Initiatives & Capital Structure - The company has completed year-to-date dispositions of ~$350 million+ in non-strategic assets at a blended cap rate of ~5%[18] - The company has paid down ~$450 million of debt YTD through September and reduced floating rate debt exposure from 21% to 6% since September 2022[19] - The company identified actionable potential operating expense and G&A savings between $15 million and $20 million or ~$0.11 to $0.15 per share on a run-rate basis[37] - The company's Net debt / TTM recurring EBITDA is 6.0x and 5.9% floating rate debt as of September 30, 2024[14] Operational Highlights - The company has achieved ~2,550 revenue producing site gains across MH and RV communities in North America, including ~2,030 transient to annual RV conversions as of October 31, 2024[15] - The company has converted ~8,930 transient RV sites to annual since the start of 2020 through October 31, 2024, increasing total number of annual sites by ~32%[24] - Rental income generates 89% of NOI[8]