<<Since SUI is a REIT with debt, it sells off with higher interest rates. Nobody bothers to read the interest rate risk disclosures in quarterly and annual SEC filings.>>

 

Here's another kneejerk. Jobs too big. Interest rates spike. SUI sells off even though they have very little net exposure to rising rates.

 

4Q result will be at or a tiny bit above their 4Q guidance, as usual. The big secret to a slow and lazy market is when they reported 3Q results, they already knew 4Q results within a penny or two per share.

 

Think about their revenues: Annuals = lots times rates, transient rentals (RV, marina and cabins) are by advance reservation. Houses sold are first through contract then time to closing. By the third week of October, they know 4Q revenues within 1%.

 

SUI has very tight expense budgets and controls. It takes an unexpected event to move expenses significantly off budget.

 

Shiffman under promises so he can over deliver. That's why quarter after quarter there is a slight over deliverance, except when something like a hurricane strikes. 

 

Thinking about buying for long term? Today's a good day, imo.