SUI - Earnings call transcript Q1 2019

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Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the Sun Communities First Quarter 2019 Earnings Conference Call. At this time, management would like me to inform you that certain statements made during this conference 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. obligation events or date or release. no statements any of undertakes reflect to circumstances Company to update advise forward-looking this The after the said management to Having would today. us introduce I that, with like Operating and Chairman Financial John and Dearing, Executive Gary Officer; Shiffman, Karen Chief and McLaren, Officer; President Chief Officer. Chief an there questions. to After their opportunity remarks, will be ask would turn the Chairman Officer. Executive Chief now call Shiffman, I and over to Gary Mr. Shiffman you may begin.

Gary Shiffman

joining in Good conference us first thank morning, first for on earnings a performance guidance you XXXX. quarter Core FFO laid the call. first has was for Strong for over the of quarter ahead range of balance the the share XXXX. our quarter our XXXX a foundation and quarter increase and solid per top-end $X.XX of X.X%

from growth operations, housing last incremental from and rental expansion the program. the XX Looking contributions manufactured made and over platforms, sales strong strong months. sites included of the contributions NOI performance the we've of very were same and delivered our home our community X.X% The our investments RV we and benefit across the quarter's

Our of at by to a the to core us range increase per $X.XX share midpoint $X.XX. to outperformance FFO allows guidance $X.XX full-year

range same growth community have We revised also to guidance of to X%. NOI a X.X%

As in comprised investments on of manufactured XX% in we seven These communities XXXX Sun the shared operating sites approximately quarter. call, with million roughly active you are investments of housing on the sites acquisition been these completed has our year-end $XXX front having for in communities. with first

capabilities of XXXX. potential bring and industry, deliver us we relationships in housing with advantage volume. in occupancy with are applications, both the of Demand that our the reflected continued end the structuring home as and of long-term and an rose quarter provide expansion efficient Total is resource gains communities opportunity from the ability investments. first of Our believe remains XX.X% manufactured XX.X% full quarter sourcing in tax our enter development, continues to Sun's We occupancy and pipeline results. carefully robust portfolio at first expertise, opportunities. management, vetting by strong these pace in to to the strong RV for sales prospects

Before turning want I industry. on to to and history over a resort philosophy manufactured to RV John and call the Karen, housing reflect take operating in the Sun's and moment

public viable the world attention through this in as individuals and a we that a earned a of was and housing been value years for Sun vacationing ourselves class has shareholders. to have given sustainable XX our We nearly many and service. differentiated It approached affordable and solutions housing our that Sun long-term trusted deliver reinvestment we and have proposition company. well is as residents livelihood. as in service business the option as customer trust because vacationing vehicle our provider as a this pride is for We families the for and communities always That Canada across reinvestment private guests and long-term our and investment value and U.S. a

Karen the core As leading in John? results properties; operating XXXX, acquisition John which through allocating all and construction our industry communities; we operating on execute will the and expansion the are continue sustained our I drive to to select will to of results. in the call to capital the over discuss developments up turn of to to existing four ground now detail. investments progress sites we portfolio; our seek adjacent to investment strategies

John McLaren

to rental occupancy communities community RV contribution sites, on vacant these transient a community annualized same during the in a of and driven in drove the driven monthly manufactured same XX% is gaining delivered our rose revenues to by revenue XXX with XX delivered same first occupancy Of XX.X% basis. RV Sun approximately from expansion revenues revenue, Topline for XX.X% our an XXXX, XXst, Gary. gain with revenue growth contributions each Drilling but delivered X.X% of XXXX by occupancy the housing housing gains, by same X.X% XX.X%. down portfolio the Total the XXX still with business X.X% or XX.X% from strong same addition rose growing increase months, NOI of last excellent performance of XXX portfolio the gains by compared last is The quarter. results annual over producing manufacture further adjusted lines. expense Thanks, with quarter manufactured our X% inclusion point growth year first operational communities. basis increase March the of the housing and favorable in which the quarter. XX quarter the for sites revenue first total were our at recently largest of as and points at community basis in site including addition sites X.X% community rate

communities XX In are to We stems construction XX expansion capacity occupancy to that the add XXXX the communities to the construction quarter, also in first generate for of sites are year. with consumer we manufactured strong of One demand. RV the element opportunities vacant on from ability expansion incremental Sun's completed sites across home annual XXXX expansion XXX sites and three converted the to near leases. transient sites communities of pace and

of We also by up for new from homes Michigan, Texas in to the home to respect XXX X,XXX quarter see an With sustained for concentrated Florida, an with homes was deliver our sales, development new we and accounted In The approximately sites which XX% of Arizona expect XX%. sales. to XXX demand strong roughly home projects continue in demand. volume to ground end. we year additional sales sold the increase

for margins better sales. for XX.X% compared quarter in first home new came home XX.X% expected than sales as full-year to Our at new XXXX's the

has their some to business our resale residents assists homes seen XXXX. volume value over operate an XX% almost selling sales and providing In brokerage addition last through the in a stability price in we our is average increase know business business, sales flexibility price our that a residents. in to Sun's reinvestment has years it's three trend that brokerage created The home and provide This the XXXX, had continual of through brokered for into our demonstrating XX% increase continued From have important communities. XXXX average home.

Ranch Regarding Pines approximately to we of up Granby Carolina Carolina end and XXX and is construction our deliver sites well River South by ground at Myrtle expect quarter. developments in in progressing Colorado Beach the second the Run

taken reservations center We call online these the communities have started for for and summer already season.

the allows and over product excellent positioning and that drives first deliver which in our our an results. to with call turn our shareholder us results our to to discuss with pleased very I'll are Karen? We to residents Karen With financial which quarter value. turn guests

Karen Dearing

end of John. quarter ended Thanks, the X.X% corporate year the of expenses. part quarter level March guidance strong sales in from ahead Sun that are contribution top for driven some first was by discuss $X.XX margins the by driven expectations XXXX out as RV anticipate reported rest of the certain to as FFO growth performance previously transient quarterly the annual in per the will net These XXst the a property which guidance reflected well earlier. of core as XXXX. and provided This in due timing over We of the sales share shortly. first revenue experienced the of our over quarter increase outperformance we expected maintenance better may and updated of reverse discussed home than operating, and

quite earlier, active. referenced is investment pipeline our Gary As

operating seven across million $XXX to additional properties invested have underwrite opportunities. We and continue

we well we with Given million of revolving of our relationship closed to credit. prospective for enhancing banks our debt EBITDA on the sheet discussions billion net average investment quarter At positioned debt with the X.XX%. our trailing the interest end, are and company's Total a flexibility, times. hand line to unrestricted currently $X.X on recast quarter outstanding in quarter fund believe upsize to rate ratio focus are consistent our was and activity. we XX-month cash with We balance weighted X.X was of $XX

a reflecting X.X EBITDA year recent the is impact ratio from our leverage pro a from forma acquisitions. times of on basis full Our contribution

material to debt we that our at enhance or company opportunities to extend further debt maturity due the XXXX. Looking sheet balance continue financing and profile has said and improve our no for With liquidity coming debt look will our schedule, until flexibility.

on guidance. Moving to

guidance expense as previously for year We share $X.XX annual the reflects FFO core increase the per of quarter out a range offset rest of are to performance in the raising XXXX timing over mentioned. our to $X.XX. This the by

our X%. We range X.X% same NOI community to of a to revising are guidance growth also

the up activities We to our analyst not capital our practice, our of would estimates. may or is acquisitions As concludes guidance which include prospective remarks. the Operator? questions. prepared markets to be like included open in impact This does call

Operator

is Instructions] Thank question open Joseph from coming for Nick Please you. Citigroup. Our questions. The of is floor go [Operator ahead. first

Nick Joseph

and started expenses? update through walk and same-store growth on revenue are what same-store guidance. for assumptions Thanks. the strong Can Maybe just NOI the you

Karen Dearing

Sure, Nick.

mentioned anticipated general and other So, than utility taxes operating and a real-estate supply have I higher RV little we revenues lower than bit, anticipated as and didn't repair expenses.

in expense timing quarters. some On we these believe side they'll simply be that the future and incurred of are items

and the reflects of increase operating said, by revenue growth our that growth to X.X% unchanged. So, points. that expectations approximately decrease essentially range it What to of XX Original had X.X% community to basis total being midpoint that X.X% the same the at expense we to guidance a were X.X%. guidance does,

Nick Joseph

below are Thanks. those structural for you Texas, there's of there specifically And between average in that there those the states the quarters. maybe Arizona, to opportunity then, issue the high overall, and high a a are trailing individual occupancy but it's and just look been is Is or if raise a bifurcation for Indiana at an five that occupancy and portfolio with three states handful three on states? have the very

Karen Dearing

expansions; a of about state. sorry doing Nick, states? really the were that of two And other we've filling and up is in been what expansions I'm expansions Texas the lot

Nick Joseph

Indiana. and Arizona

Karen Dearing

occupancy total one Arizona had lower Yes. had portfolio. our in than little the Arizona a bit recent of acquisition

also. occupancy there was in expansion also So, significant expansion an it down and pulled property a there at Arizona

John McLaren

Indiana?

Nick Joseph

Indiana.

John McLaren

up we Yes Nick, they're steam this year result decline an XXst had actually in We picking of little end bit saw March XXXX now we're expansions the Indiana. the that well of when increase from as couple seen much is seeing as growth. in we John. of a actually a occupancy there of to and Indiana, a a

Nick Joseph

Thank you.

John McLaren

Yes.

Operator

you. Thank

Our your Kim go Capital next John BMO from of Markets. ahead Please question is coming question. with

John Kim

but control guess multifamily I rent about has communities on been his recently. talked the media mostly show in you. permeating in even John HBO Oliver Thank home mobile

are rent discussion control any in in wondering, sensing community? your you I'm markets So, your about

Gary Shiffman

where to I sensitive obviously materials stories. I'll the could very and articles and think of John respond we some a probably, Oliver time to

to point So, only it that’s past. than internally could We the about there's we talk watch that them nothing very in been closely. different and today we it's

industry. are to negative So, unfortunate. personalities bad being it's a a painted the related way and paint apples those few in issues the There industry to the few entire and

try And some long-term that is It's entrants a much the I those push Sun to things industry for rates returns and are and investments, look my place some capital to speculate we so track of we'd low indicated that the their is as so fast taking and value remarks. shareholders. look cap communities driving the at attracting that industry is the as new up causing investment of and in creating we for at their the initial

that that we are now we to is there are but nothing point control sensitive rent we So, rate of. to aware would

John Kim

what discussion, rate cap rates of and seeing compare markets ago? in your to the cap four on that you months maybe some are how today And

Gary Shiffman

Yes.

are and fundamentals competitors we about over been its full off probably last I've level retail and that that we've coastal time a handle seen many straight and of how level conference created pretty aware areas again. and attracted aware other as all it. us. few institutions' compression to tightening of first it see platforms that three and the the Sun Seeing have is in this the Last sub-X% speaking Gary think shared pretty to the surprising financial there. on We I rents calls, on. with are years but is kind And things four

driven not over of also repositioning to for determinate period We're on kind five filling purchase they've I'd trying we say been last we're time last cap looking at the the reductions, but properties, drive So, rate as value vacancies, really Sun three what through at. and of that thing price, management, down of this they've I one rates pretty cap we're much is looking XX the based it's professional and obvious the to can at XX the a etcetera. expense thing year that share level And that first months.

we continue accretive been on we've competitive I be that opportunities the very throughout So, don’t expect are and industry there. to but compete do RV. out it When the we at will auctions, housing go we are able is relationships. of rely able but at And quite funds to the more the levels very other both acquisition we some source competitive to we and manufactured

John Kim

specific communities communities? on Gary, the transactions, sizeable rate are markets cap and they are they sub-X% other or

Gary Shiffman

it in we're mid-to-large communities. mostly California, Yes, sized seeing

little Some certainly of But bit, some North Florida in the some West. areas of Arizona it mid-to-large in they a certain be to of of tend in areas communities. it of and and it certain

professional long-term a how to had XX those of in a of that sell and us of Sun It would like that's communities acquiring demonstrated our what is one lot to on years and investment ownership to properties customer calls who like is wanting might from last do responsibility in sellers feel it their has we've John Sun. if as they benefits the helped to think the say pipeline we've It's why from management residence. understand assets has history mostly their inbound five I strong absolute They've properties to the look the emphasis acquired actually in the and a service. full.

John Kim

this for drivers. is a home and question But increased are quarter. be obsolescence forward? home which driver significantly if could was major on wondering realize demographics major final going that My I financing sales sales for you new I options

Gary Shiffman

We then you and lost heard broke you up obsolescence bit. John, there. a little sorry I'm

John Kim

Or homes home increase? be driver your of you're of tracking forward, your basically the is going if average sales there obsolescence if a sales sweet a if could age could where home and when spot

John McLaren

this John. John, Yes is

think And we of that the as continue to as portfolio in the know-how our and of the demand could teams in homes got all times our really many as about plus is what's think that which we the at talked our able terms think grow that I communities place many selection more experience is communities takes and communities relationship come residents a paramount through in Gary's that doing that to product brand greatest we've acquire the and the strategy really our volume. that's have been for you lot really be in for in over line In and years. balancing our brand. to That in the balance all that the seen last continues that bottom said result our experience support communities. it's builds is to overall repositioning times of on into have we the more your to and expertise a for time your us pricing and what that you've that, investment salesforce is we that of the sales few advocates that the direct

which homes has in that, into amount in sales. home the a spec we're communities house level really well that the couple grown. in in of of And on that's past changed a in in we've been years along former the they product consumers of terms concerned And our new our is we on led selection the is what of this increase business and interest has So, majority way. to seeing successful pricing top want fair referral get of versus of that ago,

Gary Shiffman

retail in time. affordability entry would are at perhaps level all long Yes. period indicating new that we homes are different for that add, I that John's and haven’t some we and homes of a the only then the price John, that line seen offer crossing levels,

seems of the well ends it model. against both we're working like So,

but XX, obsolescence a XX% less functional cost say appealing that specs XX% different per see to we ago So, the see XX, homes as we appealing newer to with home group. years the will a one XX% and higher don’t group

John Kim

Thank you.

Operator

you. Thank

Our next of Please Babin from is your coming with Drew question. question ahead Baird. go

Drew Babin

good Gary, morning.

Gary Shiffman

morning, Drew. Good

Drew Babin

of you've that number what CapEx. than of is sort XQ? be the in spending opportunity as for just whether run the a the was rest supplemental higher of rate there's lots and there's looks page talked of of $XX whether or expansion a on I about the rates. of amount the quarterly tax year-to-date good year run fee like -- curious there just XX question breakout A in development It spending million or but kind Obviously, would

Karen Dearing

Drew, for spend expansion year. that development $XX were around an is in our is expectation quarter. the million for line And for annualizing to expectations million with well $XXX the and that

Drew Babin

And Okay, balance type or the first the quarter? large opportunistic one that's expected up-financing be they in opportunities loans more Karen, for question on then, year, sheet. have or executed one this secured you helpful. will Any like more the

Karen Dearing

we have Well, net overall our before we've coming think strong we a do just on pro significant With additional until lenders. have very positioning. portfolio funding funding, to sixes. maturities recurring low capacity don’t encumbered looking X.X forma leverage debt EBITDA and up have secure debt at our sheet at discussed relations but comfort any We balance debt XXXX and properties significant times from in I we at and the to interest operating a and have and

pipeline depend we flexibility So, of a have possibility the at ultimately but all it's have available. the that and just sources we capital we'll that a will look overall on transaction need lot

Drew Babin

all that's from great, me. Okay you. Thank

Operator

Thank you.

John from Our next Advisors. of go Please question ahead. Green Pawlowski is coming Street

John Pawlowski

Thanks.

three Canada. Canada? First or question's guess on you to I years, the five shrink likely grow, in most exit the are strategy next in to

John McLaren

performance. Well, we've been with pretty pleased Canada's

it, to would plan John. be grow our to continue So,

John Pawlowski

Any sense for size?

John McLaren

We're sites. now surrounding Yes, we be the acquisition I size it a we suggest business tell is Canadian that that would upon selected can't expansion, because would I in most with I reasonable like there could Gary think disposition. period you our we looking that of opportunity. and Shores to Otherwise, look think approaching Sherkston XXXX land can really double depend with our will time. of demand. nice meet the would recent for that And the the at

John Pawlowski

just sense. know in across makes terms look going the many the if top the term. bet, the then, operator operators Okay, of make of you of in near private hand as think hit a have list, top I years in portfolio in opportunistic a could when if at And the market recent change these but were them recapped happen you level, how you acquisitions XX you portfolios next could few are XX to

Gary Shiffman

our able to portfolios looking a it's Again, There as expand always acquisition us There have portfolios to Like competitor. the only our that have profile several aware everyone's be obviously been of are through the portfolio. high we're would fit handful be competitor, to quality that of but us. of interest quality or Gary. transacted of a not

we So, that the are time last of time, period I'm length the that finding market that be with thing One month watch we'll come what a with to volatility There's interest or them. XX over that market the with none of little aware that handful, a though and happen is influence run. sensitivity not over of that period that rates, might of carefully this bit of that's the may will coming may to gone economic near-term.

management. I able described, We're of really be in that to three the that one a one they just in due owners weren’t dialogues with generationally year community We sale. operators reason to age lot of I But the with but a review quality of been are generally think in two are what's circumstances front cases opportunities the a or considering this. us might owner previously type or hadn’t more to market that ago happening high properties

John Pawlowski

sense. you. makes Yes, understood, Thank

Gary Shiffman

Uh-huh.

Operator

Thank you.

of with question Evercore from question. Please coming ISI. next Our ahead your go Khanal is Samir

Samir Khanal

guys. morning Hey, good

to the some this your trying set venture of see So update understand Gary, this joint Australian point, what's at the year? opportunity for you that on just possibly

Gary Shiffman

Sure.

minutes are It's of some We additional million. XX be sites coast Burpengary, $X breaking approved place they in for that sites There fast developed sunshine late are really for what but It's XXX is north to XX called venture. $XX.X corridor. which retirement the growing ground a on call and will quarter requiring redeveloped this first Brisbane paying a it's is we'll a purchase under be miles, XXX their our and the way just joint XXX about XX million approvals for. a

the XX would this to quarter selling onto acquire end quarter year. do So, then, that we we group to third second we homes have fairly expect of are of and moving that a developed. JV by in identified hope late and actually very this ground the or be site it sites And be first homes and

look updating we've the ground, in and forward a started really to closed when put we in everybody shovel houses on So, Burpengary. moving

Samir Khanal

Got it.

question color. the I is expense side. operating my guess for around second thanks the Okay,

on you real-estate. did maybe pressures kind you're about what of than you sort the forecasting. better side, of X% property of Just can sort was the generally taxes sort talk you're Are the of seeing

of seeing on So, maybe just you're a real-estate kind color taxes? what around property maybe assessments and

Karen Dearing

Yes.

it As the expense than the in comes when same was noted this your growth over, early expected. pull with getting that real-estate you so community so do year assessments, pretty It's to what in tax we potential see benefit. a lower the we in tax

work impacted of in by construction including and to on we do are so taxes As the also. see much Florida, expansion assessments several we completion real-estate expansion Texas and states and including our continue do sites pressure

Samir Khanal

final I Got my acquisition is side. the guess one it. on

$XXX like the opportunities over did at. I guess You how year. in what about set I you've remainder already you've that sort million I about of you're of mean, $XXX for does think XXXX, that? million done additional the and in should look talked mean, XQ. XXX we opportunity looking

Gary Shiffman

guess that raise equity exactly see will to comfortably. million forward $XXX actually look what And with going choppiness wait we that it from to can't we like something XXXX closing think we the that include have tell could side move we understood million Well, maybe think a we we $XXX capacity close period share will I time. but to that But And able XX that them. over range on we're looks guidance I we if feel will can like better, on till I to be in within we us it's from and think quarter-to-quarter. leaves close the what hard but happen will forecast just month forecast it our to the of pipeline to you

Samir Khanal

Okay. Thanks, so much.

Gary Shiffman

Uh-huh.

Operator

Thank you.

RBC go from Markets. your is ahead question. next Please Your Golladay with Wes of coming Capital question

Wes Golladay

Hey, good the how you tell performing case? morning maybe larger in excluding everyone. to I a Can transient the us segment guess comparable conversions is RevPAS this RevPAR

John McLaren

is this revenue it associated have bit you Wes, seasonality which that would we we when southern a in residence. revenue the talked is is growth expect can with our stream. tell X.X% And John. the saw in about be really QX a Hi I in in concentration reflection our QX. resorts prepared we This the in remarks in generated because annual to transient of lower highest little

guest as success forward, our a of Got of out to to expect sites result conversion RevPAR? lease the had X.X% fewer lease Looking for the available them growth we rate even with transient that that guidance we transient achieve XXXX annual mentioned. to X.X% transient, you in

Karen Dearing

We don’t of right the us. we have front RevPAR our have in don’t --

Wes Golladay

Okay.

Karen Dearing

turning we will that later. could But I I think follow-up probably with get and

Wes Golladay

Yes, okay. fantastic. Yes,

and starts plan do the months, and next RV would Okay, next in for North and you be we'll question how do be to would year has for this manufacturing? many this between America then my or then development XX

Gary Shiffman

hybrid California that development. new and the and one we're one manufactured a in a new on and and one manufactured East RV a actually Coast a is one looking one now developments I then that at Colorado; both see housing community; community, be to strictly refer in which RV split would think one in then we can is three third right a housing I

Wes Golladay

you thank Okay, much. very

Gary Shiffman

Uh-huh.

Operator

Thank you.

Stender is Todd Our Please question. coming with ahead of from your Wells Fargo. question next go

Todd Stender

Hi, thanks.

can of talk Can rents on tucked these seeing you who When how XXX,XXX. Just now well seeing? the we're that guess, could you're two, are at kind follow-up excess tenants that here. The I rents points, about type to two in higher you And this X.X% then speak dynamic look prices. price new kind prices. in and higher residents one these think of among affordability base I these rising prices? they're questions financing just can just at sales. Maybe home folks going pay suggest there's your up of this afford a

John McLaren

driving the of I Yes, got and is consumers does of it what a little sort it that the vary ago with are back first goes to think for that. itself, the couple we've respect this Breeze talked they're And the we because are higher These a to they're geographically particular again to example with priced. community that we of typically to would years Ocean right wanting look and bit a where pricing surrounds in of foremost at Jensen to But be stilts that little homes repositioning water bit on Beach, on called and so Florida. market going relative what be have you. about

when is. everything example selling a might there an of what as affordability $XXX,XXX, $XXX,XXX. for us $XXX,XXX, house $XXX,XXX, We in $XXX,XXX, around is selling where terms you think Okay, be $XXX,XXX

much in housing. in I of area, we are in. geographic or we're specific sweet affordable every pretty that could market within that So, spot a say that

everything part second mind, to work. of it what relative question And then your on the if one just So, time makes you don’t I’d that's appreciate? else, more

Todd Stender

John. thanks monthly The Sure, are rents X.X%. up

So, markets. extraordinarily some But push that the in these at understand you're to answer that, end and the rate, of points push affordable of affordability your it allows rate housing it's still obviously you high, your but of having maybe to regarding occupancies kind totally are day.

John McLaren

basis it given relative going which individual is it's market, within down what an all on process. we're through we whenever basically why that carefully to It's Yes. rent the blows that property look increase at

Todd Stender

to just just, question final And you my helpful. that's Alright, stick with John.

split numbers. expansion supply again? new ground some XXXX, When up and give for gave can you you between about numbers those this You talk

John McLaren

guidance The numbers?

Todd Stender

Yes, please.

John McLaren

Yes.

XXXX guidance and was So, a XXXX. ground numbers the for to was XXX side to XXXX for expansion up

Todd Stender

And internal yield rate any split returns expectations between or of those two?

John McLaren

sure. Yes,

are that communities with rate levered think things And something digits under approximately I four-year than of sites. development generally right very pretty targeting and the be for what a five-year of in we And look we they'll developed high Each communities. but housing fully the development for three-year XXXX the of communities greater an that stabilization new in we XXX manufactured of a have or now, a a on think site internal stabilization single when underwriting RV and are and that's we're XXXX comfortable model to in side return. one closer out. communities we cases these

to in feel way modelling So, future takedowns comfortable of having And the with through. order we phases thinking and to time hurdles. pretty hit those still things down we're of the some

not So, once, going you phasing one Karen kind in And there everything expansion side, a carefully of share? at we're to the time. building at phase want on we're

Karen Dearing

four a on a to site IRRs on XX% to unlevered in a to XXX Typically sale expansion five range. year XX% we're typical the XXX looking month at eight per

Todd Stender

thank Great, you.

Operator

to time, any management for to Thank I'd this you. At like additional comments. or over the turn closing floor back

Gary Shiffman

We just, and thank everybody our forward I we Thank you. quarter. today for look participating like to sharing to next earnings

Operator

your concludes conference. thank gentlemen, you and for participation. This Ladies today's

have at disconnect your lines time. this You wonderful day! a And may

Sun Communities (SUI) 25 Apr 192019 Q1 Earnings call transcript