He certainly did. It was a very good quarter operationally. Occupancy up nicely, developed lots added, rentals up sales up, noi up......all real good comparing 3Q this year to 3Q last year, even on a per share basis reflecting the addition of northern rv communities.
However, ytd on a per share basis is no whoop-dee-doo.....2.44 vs 2.39.....4Q guidance of .75-.79 when last year 4Q was .80. Annual guidance of 3.19- 3.23 (upper est lowered from 2Q) vs 3.19 last year. Bigger numbers but more shares.
Looks like all we "old" shareholders got out of the growth and stock issuances is a more conservative balance sheet.
Shiffman's response to "when dividend increase" question at CC was MUCH more a hint of increase soon than responses to the same question in all the CCs I've listened to.
Also, Morgan litigation settled in September allowing fix-up capex to proceed, which should increase occupancy for 2014. Also, 2014 should show a bigger impact of the synergies of having northern and southern rv parks.
We can all snooze until the next report as the annuity is more than safe.
Agree good quarter, indicates lots of good work bringing recent acquisitions into SUI operating model. Good unit sales numbers as folks visiting the South enjoy the park concept and amenities. They visit with an RV, and end up buying a park model, as I did. Returning $2.52 per share (5.5%), has been nice, but a little jump in the divi come Jan 1, might kick-start this thing a bit.