In short: "Might be a little controversial … this is one to watch, but we do like it" — refocusing on US manufactured housing after leaving the UK, making the story more digestible; NOI up, net debt/EBITDA just under 4×. Watch RV cyclicality (gas prices), closing the UK deal, capital-allocation credibility after C-suite turnover (hired Equity Residential's former CFO).
Sun Communities owns manufactured-housing (mobile home) communities and RV parks. It is simplifying — selling its UK business to focus on US manufactured housing — which makes the story easier for investors to own, and its debt is moderate. Auerbach likes it but calls it "one to watch": RV parks suffer when gas is expensive, the UK sale still has to close, and new management (including a CFO hired from Equity Residential) must prove it can turn the cleanup into per-share earnings growth.
26:03— Yeah, might be a little controversial. We do pretty much, we this is one to watch, but we do like it. They are going more manufactured housing focused. They left the UK. They're going back to the US solely. So by cleaning up that story, it makes it more digestible. NOI was up, the net debt to EBA just under four, four times give or take, but things to watch again, slow down impacts the traveler, not taking as many road trips because of the cost of gas.
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