“We now expect our full year joint venture land sales and other income to be approximately $105 million, down from the $125 million previously projected.”

In context

“rter of last year. And this is 170 basis points better than projected. In dollar terms, our SG&A expense was $4 million lower this quarter compared to the third quarter of fiscal year '22 despite over $400 million of additional home sales revenue and the impact of inflation. As we've pointed out before, we've been very focused on becoming more efficient, and we are now seeing the benefits flow through our results. We are projecting full year SG&A costs to be approximately 9.4% of home sales revenues, which represents a 60 basis point improvement from our prior guidance. For the fourth quarter of fiscal year 2023, we expect SG&A to be approximately 8.8% of home sales revenue. Third quarter JV, land sales and other income was $39.4 million in the quarter or $14.4 million above our guidance. We now expect our full year joint venture land sales and other income to be approximately $105 million, down from the $125 million previously projected. This is due primarily to a challenged market for apartment building asset sales. Our new guidance assumes we closed the sale of three stabilized apartment communities that we expect to sell in this fourth quarter. Our tax rate in the third quarter was 25%, 100 basis points better than our guidance. We expect our fourth quarter tax rate to be 26%, which would bring the full year rate to approximately 25.4%. We expect interest in cost of sales to be approximately 1.5% in the fourth quarter and for the full year as we continue to benefit from our reduced leverage. We expect community count to be approximately 375 by fiscal year-end with continued growth in fiscal year 2024. Our weighted average share count is expected to be approximately $111 million for the full year and $109.5 million for”