MH and RV Same Property NOI increased by 4.4% in the quarter. About Us. Yes, the company is profitable. 10 free leads on us . Your NOI is expected to grow 4.5% to 5.7%. The show will focus on global macro issues with a middle eastern context, provide expert analysis of major market moving stories and speak with the biggest newsmakers in the region. As of 2022, Sun Communitiess net worth stands at 20-24 billion USD. 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. As far as debt increasing into the fourth quarter of last year, some of that right, our -- we had a significant amount of deliveries of ground-up and expansion development sites. CFO at Sun Communities Southfield, Michigan, United States. 2023 Sun Communities, Inc. All Rights Reserved. Thank you. The most-recent trade in Sun Communities Inc is the acquisition of 129,486 shares on August 16, 2021, which cost Gary A Shiffman around $26 Million. These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. Denso International America, Inc. Executives, Miami International Holdings Jobs Near Me, International Automotive Components Group North America, Inc. Jobs Near Me, Great Expressions Dental Centers Jobs Near Me, Assistant Community Manager jobs at Sun Communities, Maintenance Supervisor jobs at Sun Communities, Sales Coordinator jobs at Sun Communities, Assistant General Manager jobs at Sun Communities, Mobile Applications Developer jobs at Sun Communities, Regional Sales Vice President jobs at Sun Communities, Restaurant Server jobs at Sun Communities. Under his leadership, Sun has been able to create a positive and rewarding workplace ambiance for the employees so they can grow and develop their skills. Because you obviously expect to compare a lot of sites, which means the comparative pool for transient is going to be much lower. 1993: The firm goes public as Sun Communities Inc. 1994: Sun has the best-performing stock among manufactured housing . The pound is still devalued in comparison to this time last year, and it's -- most people travel within two hours to get to the properties. So, with that kind of a supply/demand out of balance, we're very comfortable and expecting to continue growth similar to what we've been experiencing. Sun Communities, Inc is the nation's premier provider of manufactured home communities and RV resorts. Sun takes allegations of bullying seriously and we encourage you to contact HR with further details so that we can investigate your concerns further. Sure. Maybe first on same store revenue expectations for '23. I know it's obviously the low demand time of year, but any color on what happened year-to-date in the forward bookings would be great. Lorem ipsum dolor sit amet consectetur adipisicing elit. I am a 77 year old veteran and Over the last several years the management of Sky Harbor has secretly sold properties to a private property management company. Just curious how kind of the, I guess, economic uncertainties are kind of weighing on sales and whether you're seeing any bumps in the road as you kind of look into '23. He has overseen the acquisition, rezoning, development and marketing of numerous manufactured home expansion projects, as well as other types of income producing real estate. Hi, good afternoon. So, paying down variable debt is probably something that allows us greater opportunity to create growth in the future or if there's something very accretive, we would look at that as well. We have inventory of over 16,000 fully-entitled sites for development and delivery in future years, representing embedded continued growth. sun communities inc sun communities sun communities - inc sun communities inc sun properties sun properties - inc Sun Communities Global Presence Search All Employees Sun Communities CEO Reagan Haynes. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. Sun Communities corporate office is located in 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States and has 1,963 employees. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. ComplaintsBoard.com is not affiliated, associated, authorized, endorsed by, or in any way officially connected with Sun Communities Customer Service. So, we don't currently see those type of headwinds that you're suggesting in the marina business. Career & Education - Company, University, & College Gary attended Michigan State University. As summarized in yesterday's press release, we are establishing full year guidance for core FFO per share in the range of $7.22 to $7.42. Looking for a particular Sun Communities employee's phone or email? I think it clearly reflects a capital reinvestment that we've shared with our stakeholders before, that if we don't reinvest in our communities, we do strip the equity right out from underneath the homeowners. Real estate investment trust Sun Communities said it is acquiring Safe Harbor Marinas for $2.11 billion. Included in this expected expense growth is an approximately $18 million increase in property-related insurance costs. That is very likely making improvements to that site and bringing up the value of the community itself or being hyper-focused on continuing the conversion program over to the annual side. Known Addresses for Gary Shiffman. Every home they own was meant for demolition. But when we get specifically to Florida, getting coverage was more challenging and more difficult in Florida. Gary A. Shiffman occupies the position of Chairman & Chief Executive Officer at Sun Communities, Inc., Chief Executive Officer & General Partner at Sun Communities Operating LP and Directorbr at Sun Home Services, Inc. (both are subsidiaries of Sun Communities, Inc.) and Chairman & Secretary at Bingham Financial Services Corp. Search Search. So, ex that drag, is the expense growth 6% to 7% and matching kind of like the top-line growth? Okay. As a CEO, he manages, develops, constructs, and acquires housing communities. With regard to the three properties most directly affected by Hurricane Ian, I would note that the cleanup is complete, and we have started the rebuilding process. As there are no further questions at this time, I would like to turn the floor back over to Gary Shiffman for closing comments. But in the effort of being totally transparent of where our costs have gone to, that's what is included in our guidance. | 1 maart 2023 The stability of our operating platform is shown through in our results for the quarter and the year. Regarding average rental rate increases, we reiterate the guidance ranges provided back in October. Sun Communities, Inc. is a REIT that, as of October 30, 2020, when it completed its acquisition of Safe Harbor Marinas, LLC, owned, operated, or had an interest in a portfolio of 532 properties . Thanks. We're very pleased with the performance of all. Development is in Sun's DNA. There are no executives at Sun Communities getting paid more. Last updated: 27 February 2023 at 4:00pm EST. You can see the complete history of Mr. Shiffman stock trades at the bottom of the page. Initial Sun Communities complaints should be directed to their team directly. I'll now turn the call over to Gary Shiffman, Chairman, President and Chief Executive Officer. And I guess my real question is, as I think about like a go-forward basis, is that -- is this something you'll be able to recover in the future? It has accretiveness and embedded growth where we can justify deploying capital in this environment and deliver the kind of growth our stakeholders are used to. That's a result of adding sites to the portfolio through expansion. 2200 West Wilson Street and 6154 Mission Boulevard in Riverside County with Sun Communities CEO Gary Shiffman (Sun Communities, Google Maps, Illustration by The Real Deal) Mobile home. And more so a question on how we should think about modeling this line item going forward. And as we've shared, again, that today, one of the areas that I think differentiates Sun and gives us the greatest opportunity is the ability to create new ground-up developments and expand our manufactured housing portfolio. During the year, we achieved a record of over 2,900 revenue-producing site gains, driven by more than 2,250 conversions of transient RV sites to annual leases, which topped last year's record conversions of nearly 1,700 sites and represented a 36% year-over-year increase. Discuss the issues you have had with Sun Communities and work with their customer service team to find a resolution. That being said, we firmly feel that these SRD&E activities, especially the service, is very, very important to the occupancy and to the stickiness and demand for the safe harbor marinas as compared to marinas that don't offer the service. If you're not automatically redirected, please click here. Please. It tracks over a 30-year period of time that will go up and down a little bit, so we don't see that as anything negative whatsoever. We've discussed the fact that cost of capital is such that we have sharpened our pencil razor thin. Faqs. Those would be the primary reasons from that perspective. And the demand for affordable housing has never been stronger in those markets, so it speaks to the high occupancies, the ability to push through inflationary rental increases. So, things are rock-solid. We've been quite programmatic from that perspective to support our issuance in the unsecured bond market. We have built our culture around a simple customer service philosophy: The Golden Rule. Like is it a two-year kind of payback, three-year? Got it. Today marks a very special day, and really want to take this opportunity to thank John for his unbelievable stewardship, both as President and Chief Operating Officer since 2008, if I got that correct. NYSE: SUI. This company now owns 22 properties in Sky Harbor. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. New home sales are up. You will network with leading professionals from around the country and bring back best practices to your workplace. This does conclude the company's remarks. Our next question is from the line of Anthony Powell with Barclays. So, like Gary said, the demand continues to be very strong, so much so that we -- I think we shared before that we've built out almost 700 expansion sites over the course finishing in 2022, that all sold up in 2022, and look to expand another 500 going into the season this year, which will be filled up by the end of 2023. Additionally, we regularly evaluate our portfolio for capital recycling opportunities to enhance our long-term growth profile. I would suggest that we're really seeing, maybe a little bit earlier than others from a renewal standpoint, what everybody else has been or will be seeing going forward. You might contact Gary A Shiffman via mailing address: 27777 Franklin Road, Ste 200, Southfield Mi 48034. Name . Occupancy in our Same Property MH and RV portfolio remained strong, increasing 180 basis points during 2022 to end the year at 98.6%. I mean it's not really discounts to push the volume, but I think when we walked in, I think part of the investment thesis that we shared in the beginning was the fact that we might thin the margin a little bit to gain more sites and gain more ongoing revenue, okay, on those sites. No materials from this website may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way. Yes. Looking ahead, we have a solid development and expansion pipeline that can deliver accretive growth for years to come as well as the proven skill set and platform to sustain our growth. Yes, thanks, good morning. Read more Brian Hermelin Board Member C Clunet Lewis Gary Shiffman and the Sun Communities leadership team are scored a C by 31 employees placing it in the Bottom 40% of companies sized 1,001-5,000 Employees on Comparably. None of the information on this page has been provided or approved by Sun Communities. Technologies. We're looking to build our new developments to a high single-digit unlevered IRR upon stabilization. Required fields are marked *. Our strategic approach has delivered an attractive balance of a reliable organic growth and strong FFO per share increases. I wanted to follow up on the previous question on home sale trends in the U.S. and U.K. Sun Communities, a real estate investment trust based in Southfield, Michigan, announced the purchase of 104 marinas in 22 states including 18 marinas across Connecticut and Rhode Island in a deal valued at $2.1 billion in cash and stock. Gary attended Michigan State University. The company's filing status is listed as Appointed 08/05/2005 and its File Number is F08203384. And we expect about 60% of these revenue-producing sites to come from RV transient site conversions to annual leases. My wife and myself are getting thrown out of this park due to an unfair prejidced manager who lets a karaoke mob run this place and she has lied to corperate people to accomplish this I have several witnesses to this and they a justin lawson and rebecca morrison did not care to talk to anyone just told us we had to leave.. {{ userNotificationState.getAlertCount('bell') }}. The Leadership score includes details about how employees evaluate their executive team, CEO and manager. There is a fair amount of competition out there and some discounting that's taking place outside of the Park Holidays and the more inferior properties, but I think it's driving people to expect quality at Park Holidays. Our next question is from the line of Brad Heffern with RBC Capital Markets. So, from the end of September to the end of December, the pound did appreciate significantly. I don't have the numbers right in front of me, and we can get back to you or perhaps Fernando does, but you're absolutely correct. Thanks for that. At this time, management would like me to inform you that certain statements made during this call, which are not historical facts, may be deemed forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995. I will now turn it over to Fernando to discuss our financial results in more detail. million verified professionals across 35 million companies. And a big focus that has really been there for almost 10 years now of the conversions that we talk a lot about, it is easier to forecast when we convert a transient to an annual. I feel like throughout the fall, the messaging on the rate growth you were sending out was going to line up with expense growth. Of the 3,100 at the high end, 60% is expected on the RV side. Sun Communities, Inc. is an owner, operator and developer of manufactured housing communities. Sun Communities Inc. 31700 Middlebelt Road, Suite 145 Farmington Hills, Michigan 48334 U.S.A. Telephone: (248) 932-3100 Fax: (248) 932-3072 Web site: http://www.suncommunities.com Public Company Incorporated: 1985 Employees: 513 Sales: $151.3 million (2000) Stock Exchanges: New York Ticker Symbol: SUI NAIC: 52593 Real Estate Investment Trusts Yes, Wes, it's Gary. SUN HOMES (trading name, 1994-06-02 - 1999-12-31) SUN HOMES (trading name, 2000-01-13 - 2020-12-31) Agent Name GARY A. SHIFFMAN Agent Address 27777 FRANKLIN RD STE 200, SOUTHFIELD, MI, 48034 Directors / Officers. So that would -- that accounts for about an additional $90 million of that quarter-to-quarter increase. As we look at our -- as we look strategically at the portfolio, and Gary mentioned in his remarks, right, we can -- we look at our investment program and ground-up development and expansion, we will be able to practically self-fund our investment activity in 2023, are selectively looking at opportunities on the capital recycling front, there's a couple of assets here and there, that over time can also reduce variable-rate debt. Yes. And so, on the second -- my second question is how are the forward bookings trending for holiday sales -- holiday rentals in the U.K.? Fernando? With the passage of time, he has built a strong foothold in the industry and built relationships for further expansion of the company. How much is the insurance as a percentage of operating percentage? And the scale and size, John, I think we're able to get best-in-class pricing, so to speak, and it is a question that we certainly asked. And then -- thank you for that. Got it. And we will closely evaluate and continue to evaluate our exposure that is impacted by insurance as we go forward. And as we have done in the U.S. over the years, we have used our Park Holidays' footprint to opportunistically scale our presence in the U.K. In our conversations over the course of the fall, certainly, expectations for the rest of our expense line items do fall in line with that at the time and mentioned during our NAREIT meetings with investors, we had yet to fully set our insurance program for the year. Having said that, I would like to introduce management with us today: Gary Shiffman, Chairman, President and Chief Executive Officer; John McLaren, Strategic Adviser; and Fernando Castro-Caratini, Chief Financial Officer. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. And I turn to John, who's overseeing that, to talk a little bit more about the particulars of the U.K. home sales. Gulf War veteran, 1990-1991 USS Blue Ridge (LCC 19), 1988-1991 USS Fife (DD 991) 1991-1992 Pentagon: Chief of Naval Operations, Surface Warfare Division, 1993 His association with Sun Communities goes back to its inception. I think I'd remind everybody, we're going back to more of a pre-COVID normal pattern. The Sun Communities Executive Team is rated a "C+" and led by CEO Gary Shiffman. (Podcast), Chairman/President/CEO, Sun Communities Inc. And then to further reduce the floating rate exposure, are you looking to use interest rate swaps or utilize fixed-rate debt? Hi, Michael. The resilience of our platform can be seen in our full year total manufactured housing, RV and marina Same Property NOI results, which grew by 5.8% over 2021. And then, my second question is just on the flow-through of the NOI growth. Mr Shiffman has over 30 years' experience in executive and non-executive roles in financial and real estate public companies listed on the NYSE and NASDAQ. Okay. Our guidance assumes we increase revenue-producing sites by 2,800 to 3,100 sites in 2023. Gary Shiffman Chairman & Chief Executive Officer Sun Communities, Inc. Gary A. Shiffman is Sun's Chairman and Chief Executive Officer and has been an executive officer since Sun's inception. And certainly, in the U.K. as the second vacation home, an alternative to more expensive vacationing in the U.K. Got it. We certainly saw the cost of development spike up through the pandemic, short supply, supply chain, et cetera. And then second part, I did see a termination income. I mean you look at everything, whether it's earthquakes in Turkey and so forth that's impacting the cost of insurance for everybody. Next, we'll consider growth that. And I think this is where when I referred to the fact we're seeing the reality of what's out there overall. So that is one area. So, I'm guessing, can you just walk us through why you allowed floating-rate debt to increase during the fourth quarter and refinance it post quarter? Marina has exceeded our expectations with a 10.4% increase in same marina NOI during the quarter and a 7.7% increase for the full year. Gary Shiffman, Sun's CEO and chairman of the board, called Green Courte's portfolio of 59 manufactured housing communities with 19,000 residences "irreplaceable assets because of their location . Company Overview. Thank you. Is -- does the 15% reflect market prices? Our U.K. operations are included in our guidance for total NOI. Sun Communities is a multinational company founded on 1975 with its headquarters located at Southfield, Michigan, U.S. and key people behind it being Gary A. Shiffman, Chairman & CEO, John B. McLaren, COO and Karen J. Dearing, CFO. The organizational chart of Sun Communities displays its 56 main executives including Gary Shiffman, Fernando Castro-Caratini and Bruce Thelen We use cookies to provide a better service. Musks TeslaMaster Plan Lacks Drive. Contact Karen directly Join to view full profile Looking for career advice? So, on behalf of the entire company, from the communities on up to senior management and executive team, I do want to extend our appreciation to John. Ms. Dearing served as our Chief Financial Officer, Treasurer and Secretary from 2008 - 2022. Park Holidays' portfolio is performing above our original underwriting, and the management team has done an excellent job integrating into Sun. free lookups / month. The company undertakes no obligation to advise or update any forward-looking statements to reflect events or circumstances after the date of this release. And so, our expectation is a more normalized year-over-year transient growth. Gary Shiffman. Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? How construction costs changed on those? Is this your company? Gary A. Shiffman. I just want to make sure I'm looking at it correctly. 35 Ratings. The oldest executive at Sun Communities, Inc. is ClunetLewis, 73, who is the Lead Independent Director. As of December 31, Sun had $7.2 billion of debt outstanding that carried a weighted average interest rate of 3.8%, with a weighted average maturity of 7.4 years. 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This creates a very sticky customer base and gives us the ability to grow rents. And with the addition of Park Leisure, which are really the high end of holiday vacation parks, they have a much lower percent of fleet home ownership in those 14 properties. We negotiate as a package. So, there's no specific plan. Is this happening to you frequently? So, can you walk through some of the pressure or other factors that are below the line that's not when you see the Same Property NOI growth flow through to the FFO? Gary A. Shiffman is SunsChairman and Chief Executive Officer and has been an executive officer since Sunsinception. The Last 12 Months Of Insider Transactions At Sun Communities. Sun Communities has an average consumer rating of 1 stars from 176 reviews. {{ userNotificationState.getAlertCount('bell') }}. The company's principal address is . I think the past channel checks we've done, there's concern for a while that outsized pricing power is eventually going to deteriorate because it's going to break boat owners. Our next question is from the line of Robyn Luu with Green Street. As we've shared before, I think folks have heard me say it 100 times is that the most expensive site we have in our portfolio is a vacant one. Just one quick one from me on acquisitions. Your email address will not be published. Our next question is from the line of Wes Golladay with Baird. Executive Summary. Eventually, he took over the reins from his father to head the company. Healthpeak Properties CEO Email & Net Worth Tom Herzog, T. Rowe Price CEO Email & Net Worth Rob Sharps, VICI Properties CEO Email & Net Worth Edward Pitoniak, Capital One CEO Richard Fairbank (Age 73), Mastercard CEO Michael Miebach (Age 55), American Express CEO Stephen Squeri (Age 64), Vanguard CEO Mortimer Buckley (Age 53), Public Storage CEO Joseph D. Russell, Jr. (Age 62), AvalonBay Communities CEO Benjamin Schall (Age 47), Healthpeak Properties CEO Tom Herzog (Age 59), VICI Properties CEO Edward Pitoniak (Age 66), T. Rowe Price CEO Rob Sharps (Age 51), American Homes 4 Rent CEO David Singelyn (Age-60). Any way officially connected with Sun Communities employee 's phone or email sharpened pencil! Is not affiliated, associated, authorized, endorsed by, or distributed in any way has been an gary shiffman sun communities email address! Issuance in the industry and built relationships for further expansion of the biggest financial crimes the. Passage of time, he has built a strong foothold in the quarter and the year redirected, please here. Performance of all provided or approved by Sun Communities getting paid more have gone to, that a. To the end of September to the end of September to the fact we 're going back to more vacationing! 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