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. We've been quite programmatic from that perspective to support our issuance in the unsecured bond market. Or are you perhaps pushing discounts to get the volume? Sun Communities has resolved 0 complaints. . Is this happening to you frequently? Image source: The Motley Fool. 10 free leads on us . Competitors. So, seeing the demand, where it is now, is very encouraging for us. Sun Communities, Inc. 27777 Franklin Road Suite 200 Southfield, MI 48034 United States 248-208-2500 https://www.suncommunities.com Sector(s) : Real Estate Industry : REITResidential Full Time . Reason #3 to Attend: Discover. 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. Pro forma for this activity, our floating-rate debt was reduced to 16% of total debt, which has now decreased from 26% as of December 31, 2020. But it is interesting, as John pointed out, we've seen some higher growth on the higher end of what they referred to as the lodges. There's over 100 million people there, and we focus our geographic footprint and target the right markets to operate in. So, strategically, over time, we expect to more than capture that difference, certainly, on a multiple basis for the stickiness of the rental revenue versus the lower-margin business. 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. To write a complaint about Sun Communities and get an answer from the officials of Sun Communities, Complaintsboard.com's objective complaint writing and answer providing system can be used. 176 John, these financings as far as on the secured side take up some time to work through. It is more cost effective in picking up that 50% increase on a per site basis for the first year, and about 7.5% conversions last year of our transient to annual. How much is the insurance as a percentage of operating percentage? We don't have it broken down individually to Florida. 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. And then, how are you guys thinking about the kind of payback as you kind of increase rate on the annual side? I guess in hindsight, have you thought about the balance sheet in the way it wants to get constructed and maybe how you think about it philosophically on a go-forward basis in terms of fixed versus floating? Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. 35 Ratings. Looking for a particular Sun Communities employee's phone or email? 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. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? Our next question is from the line of John Kim with BMO Capital Markets. Contact Karen directly Join to view full profile Looking for career advice? As we know, that can go up and down. Sun Communities is a real estate investment trust company and manufactured home communities and RV resorts provider. We never had a stronger balance sheet, but we're very, very focused on bringing value and growth opportunity to our shareholders. Sign up for a free account. The CEO of Sun Communities is Gary Shiffman. Please disable your ad-blocker and refresh. (Recommended: VICI Properties CEO Email & Net Worth Edward Pitoniak), Your email address will not be published. Going forward, we will focus on delivering two to three new MH developments each year as well as continued expansions at our existing properties. 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. In marinas, our 2022 Same Property results continue to demonstrate supply-demand tailwinds, with a 12:1 ratio of registered boats in the U.S. to the existing supply of leasable wet slips and dry storage spaces. Thank you. 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. 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 50 followers 40 connections. How construction costs changed on those? Executive Summary. But as John mentioned or maybe I mentioned during -- in my section of the script, we are expecting another very strong year of conversions from transient sites to annual leases. Our strategic approach has delivered an attractive balance of a reliable organic growth and strong FFO per share increases. Manage Products and Account Information Support Americas +1 212 318 2000 EMEA +44 20 7330 7500 Asia Pacific +65 6212 1000 Company About Careers Diversity and Inclusion Tech At Bloomberg. Last updated: 27 February 2023 at 4:00pm EST. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. There are 4 older and 13 younger executives at Sun Communities. Great. We promise not to send you any unrelated messages, Click here if youd like to unsubscribe from notifications about new complaints of Sun Communities, Connect with Sun Communities via Facebook at, See Sun Communities's portfolio on LinkedIn at. Thanks. Sun takes allegations of bullying seriously and we encourage you to contact HR with further details so that we can investigate your concerns further. If you have an ad-blocker enabled you may be blocked from proceeding. Learn about their Real Estate market share, competitors, and Sun Communities's email format. We always appreciate the opportunity to have these calls and speak about the business. I think that absolutely does have bearing on how we think about things and how we look at things. We have inventory of over 16,000 fully-entitled sites for development and delivery in future years, representing embedded continued growth. At the midpoint of the ranges, summarized in our press release, this total Same Property NOI growth assumes 4.6% growth from manufactured housing, 5.8% growth from RV and a 7% increase from marinas. Same is true in the RV for vacationing. Got it. Gary A. Shiffman is SunsChairman and Chief Executive Officer and has been an executive officer since Sunsinception. This will surely increase the credibility of your complaint. Where This Score Ranks Sun Communities' CEO Rating BOTTOM 35% In the Bottom 35% of 2023 Similar Sized Companies on Comparably 2nd And then, taking a step back, so if we think about your -- both your real property, excluding transient and transient on a like-for-like basis, if we exclude your transient conversion expectations for '23, where would the numbers shake out, both on excluding transient, then transient as a whole, right? Sun Communities, Inc. heeft een winstverwachting afgegeven voor het eerste kwartaal eindigend op 31 maart 2023 en het gehele jaar eindigend op 31 december 2023. Got it. Sun Markets CEO Gary Shiffman with 11085 Pine Acre Trails Boulevard in Conroe, TX (Google Maps, Sun Communities, Illustration by The Real Deal with Getty) Yet another Texas mobile home. Sun Communities, inc ( SUI -0.28%) Q2 2021 Earnings Call. Okay. 1993: The firm goes public as Sun Communities Inc. 1994: Sun has the best-performing stock among manufactured housing . Since we achieved an investment-grade rating in 2021, we have now issued $2.2 billion of unsecured fixed-rate notes across four tranches. He is a member of our Executive Committee. 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. Search Search. Please go ahead. 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. The marinas, currently owned and operated by Dallas-based Safe Harbor Marinas, include locations in [] You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com Where is Sun Communities located? John? Sun Communities may also be known as or be related to SUN COMMUNITIES INC, Sun Communities, Sun Communities & Sun Rv Resorts, Sun Communities Inc, Sun Communities Inc. and Sun Communities, Inc. During 2022, we delivered 2,000 new expansion and greenfield development sites in North America, which was at the high end of our guidance. Please go ahead. He is a member of our Executive Committee. But that being said, we can't underscore the fact that with this increased cost, as Fernando mentioned of $18 million, we're still seeing at Same Property growth of 5.4% at the midpoint. 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. I think that we don't typically provide guidance towards acquisitions and, of course, capital marketplace activities. We were expecting about a 90-basis point increase year-over-year in revenue from transient RV. So, I think, again, 40-year track record, 30-year public, 10-year private, indicates that we will be able to continue to get the correct growth based on the value proposition. When was your -- when did your insurance renewal take place? Good morning, everyone. Currently, we've adjusted our returns to low double digit, in part because of the large rental increases as a reflection of CPI and inflation. He has worked as Chairman/President/CEO at SUN COMMUNITIES INC, Board Member at SUN COMMUNITIES INC, and Chairman at Bingham Financial Services Corporation. He is a member of our Executive Committee. Hey, Josh, it's Gary. The acquired land can support over 2,500 future MH and RV sites. And I turn to John, who's overseeing that, to talk a little bit more about the particulars of the U.K. home sales. I wanted to follow on Steve's question. We are an unparalleled team that has assembled a best-in-class portfolio and operating platform that has delivered impressive results over many years and continues to be positioned for future growth. Is that seasonal? Attorney General have been notify and have no control on rent increase unless the state pass a new law to protect the seniors citizen's rights on fixed income not to become homeless. We've discussed the fact that cost of capital is such that we have sharpened our pencil razor thin. So, there's no specific plan. Main Telephone (248) 208-2500 Primary Address 27777 Franklin Road Suite 200 Southfield, MI 48034 USA These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. I will add that we did speak to them the other day. Sun Communities currently employs approximately 3,146 people. We feel it's definitely recoverable. His association with Sun Communities goes back to its inception. Full year transient Same Property RV revenues grew by 3.1%, reflecting an average rate of growth of 14.1%, despite an almost 10% reduction in available site nights from the strategic conversion of transient sites to annual leases. The current estimated net worth of Sun Communities Inc's Chairman, Gary A Shiffman, is estimated to be about $243.54M . Operator? The Last 12 Months Of Insider Transactions At Sun Communities. We will now be conducting a question-and-answer session. Or has something kind of shifted in the model a bit? We continue to deliver long-term cash flow stability. We did over since December of 2021 about 850 of treasury locks and swaps. It's a great question. Similar to last quarter, this quarter's outperformance was driven by total marina real property NOI, interest income and U.K. tax favorability. We have two property management companies competing in one community. Gary A. Shiffman. At year-end, our combined MH and RV occupancy was nearly 97%, reflecting approximately 96% occupancy within our manufactured housing portfolio. As I assume my new responsibilities focusing on our MH development efforts, I look forward to supporting Bruce and the entire team. Live from Dubai, connecting Asian markets to the European opens. Lorem ipsum dolor sit amet consectetur adipisicing elit. That's a result of adding sites to the portfolio through expansion. View detailed SUI description & address. Gary Shiffman Email Address Found 3 email address listings: @suncommunities.com @vivabeverages.com @basseyselesko.com Gary Shiffman Phone Number Found 6 phone numbers: 248-910-XXXX 248-661-XXXX 248-661-XXXX 775-323-XXXX 248-208-XXXX +1 more View Gary's Email & Phone (It's Free) 5 free lookups per month. Company profile for Sun Communities Inc. including key executives, insider trading, ownership, revenue and average growth rates. Although the company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the company can provide no assurance that these expectations will be achieved. And how is kind of the ROI profile of your development sites evolved the past 12 months? Obviously, floating-rate debts caught a lot of people maybe not by surprise, but certainly been more powerful and had a bigger negative impact. SEC Form 4 FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIPFiled pursuant to Section 16(a) of the Securities Exchange Act . Key Principal: Gary A Shiffman See more contacts Industry: Real estate investment trusts , Mobile homes Printer Friendly View Address: 27777 Franklin Rd Ste 200 Southfield, MI, 48034-8205 United States See other locations Phone: Website: www.suncommunities.com Employees (this site): Modelled Employees (all sites): Actual Revenue: $2.27 billion Stock Symbol. (248) 208-2500 Phone (HQ) @suncommunities.com Email @gmail.com Email 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States Office Address (HQ) Reveal for Free Work Biography for Gary Shiffman, Sun Communities Jul 27, 2021, 11:00 a.m. We have built our culture around a simple customer service philosophy: The Golden Rule. In terms of external growth, during 2022 and through the date of this call, Sun acquired 70 operating properties for $2.2 billion and spent approximately $62 million for developable land parcels. Voor het kwartaal verwachtte het. 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. On average, Gary trades about 19,735 units every 69 days since 2003. He has been actively involved in the management, acquisition, construction and development of MH communities and has developed an extensive network of industry relationships over the past twenty years. We have increased rents throughout economic cycles, and our strong results for 2022 and outlook for Same Property NOI growth in 2023 demonstrates the benefits of operating in segments where supply is perpetually constrained and demand is resilient. Park Holidays' portfolio is performing above our original underwriting, and the management team has done an excellent job integrating into Sun. And then, my second question is just on the flow-through of the NOI growth. Sun Communities deals in the Real estate investment trust industry According to the latest report, Sun Communities has generated US$1.264 billion (2019) and net income being US$0.160 billion (2019). Average price was about $196,000. Safe Harbor Marinas Acquired for $2.1 Billion. I will now turn it over to Fernando to discuss our financial results in more detail. 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. It does look like it's going down a little bit year-over-year. Having turned over these units, we are now able to realize higher rents on incoming leases. . And so basically, we're just executing the plan that we set out to do. On a total portfolio basis, we expect total revenues from real property to increase between 8.1% and 8.7% in 2023, and expenses to increase between 13.5% and 13.9%. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. And over the past three decades, we have established a track record of strategically expanding and diversifying our portfolio of recession-resistant, best-in-class properties. (248) 208-2500 Company Sun Communities Gary Shiffman Current Workplace Sun Communities Location 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States Description Industry Real Estate Discover more about Sun Communities Gary Shiffman Work Experience and Education Education North-western University Board Memberships & Affiliations Gary's mailing address filed with the SEC is 27777 FRANKLIN ROAD, SUITE 300, SOUTHFIELD, MI, 48034. And more so a question on how we should think about modeling this line item going forward. So, it really is the feeder, if you will. Mr. Shiffman is an executive officer and a director of SHS and all of our other corporate subsidiaries. Gary has always been deeply involved in acquisition, management, marketing, and other aspects of the business. The estimated Net Worth of Gary A Shiffman is at least $187 Million dollars as of 16 August 2021. Thank you. Like, obviously, like insurance jumped up a lot this year outside of your control a little bit. We believe our guidance reflects the current interest rate outlook at the time of this call and is informed by forward interest rate curves as of the time of providing our guidance. SUI earnings call for the period ending June 30, 2021. And would you expect your volume of acquisitions in 2023 to be lower or higher than 2022? (Related: T. Rowe Price CEO Email & Net Worth Rob Sharps). We've done over $2.2 billion of IG unsecured bonds with that public market. But certainly, as we look out at expectations from a market perspective, there's potential for 2023 to set baseline as far as interest expense and then that either becomes neutral or a tailwind heading into future years. All-Age Communities; Active 55+ Communities. 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. We received an approximate 50% uplift in revenue in the first full year after conversion. It's gotten more expensive. You may now disconnect your lines. As a reminder, this call is being recorded. It does not include the impact of prospective acquisitions, dispositions or capital markets activities, which may be included in research analyst estimates. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. What industry does Sun Communities compete in? And really look forward to John's 10-year operating our communities, in particular, manufactured housing and being able to transfer that over to the 16,000-site inventory we now have to grow by. Total portfolio occupancy of 96.8% includes newly delivered development and expansion sites. I just have a question on the service retail and dining guide. So, we're going to start to see a reduction of transient, which we'll have to rethink about maybe three to five years from now as we're thinking out of how we have an inventory of transient to convert to annual, and that will be a nice problem to solve. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. I think it totally reflects quality, location and value of the assets in our portfolio. Get contact details including emails and phone numbers SUN COMMUNITIES INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Sep 30, 2020. And going forward, we expect good solid growth this coming year. He reportedly earns 11-16 million USD in annual compensation. Yes, the company is profitable. On the used -- pre-owned home side of things, ironically, we've seen demand that's so strong that we've been able to buy less inventory over a period of the last 12 months or so. We're not going to reflect that different than our competitors and other asset classes. And as we've talked about before, our business is really about reliable growth because of the strong demand and short supply. Elevate! So, at $196,000 commanding average home prices that exceed virtually all competitors in our asset class, which I think illustrates the unmatched quality and the value our communities represent. 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So, I understand the fourth quarter is typically a seasonally slow period in the U.K., but can you maybe talk to the weakness in the U.K. prices? For the 31 properties Park Holidays has owned since at least January 2021, home sales rose 17%. Our next question is from the line of Josh Dennerlein with Bank of America. [Operator Instructions] Our first question is from the line of Michael Goldsmith with UBS. So really, in summary, our strategy is well balanced, we believe, across all stakeholders, including our residents that live in well-maintained communities and create value in their homes. 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. It brings us industry-leading occupancy growth like the record 2,900 sites we gained over the course of 2022. I think it's one of the high points that we've seen. 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. Name . 1985: The company incorporates in order to expand further. Maybe a follow-up on that in terms of the development sites. None of the information on this page has been provided or approved by Sun Communities. Or is there some other explanation? You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com. Enter employee name to find & verify emails, phones, social links, etc. I guess just one for Fernando on the balance sheet. The final note, increasing interest rates were a headwind on FFO growth in the back half of 2022 and continue to be a headwind in our 2023 guidance. As everyone might recall, strategically, we are always looking to convert lower-margin business over to the stickier side of rent. Please go ahead. (Podcast), Chairman/President/CEO, Sun Communities Inc. Required fields are marked *. Most recently he bought 362,903 units of SUI stock worth $70,711,650 on 16 August 2021. Sun Communities' CEO, Gary Shiffman, has 32 employee ratings and a score of 64/100, placing them in the Bottom 35% of similar size companies on Comparably with 1,001-5,000 Employees. I think everything is under review. And just to try to frame it out, like if insurance is 15% to 20% of expenses and it was 20% higher than anticipated, that would be a 300 basis point to 400 basis point headwind. At our RV communities, we set another annual record for site conversions to annual leases. Sun Communities, Inc. is an owner, operator and developer of manufactured housing communities. Sure. Sun Communities, Inc. (NYSE:SUI) Q4 2022 Earnings Conference Call February 23, 2023 11:00 AM ET, Gary Shiffman - Chairman, President and Chief Executive Officer, Fernando Castro-Caratini - Chief Financial Officer. KAREN J. DEARING. 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 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. And then to further reduce the floating rate exposure, are you looking to use interest rate swaps or utilize fixed-rate debt? We are also providing certain guidance data points to help the investment community track Park Holidays' performance. Privacy Policy. Okay. So, we're not running to shed assets, but we are reviewing them very, very carefully as to growth. Certainly with the headwinds of interest rates today, that is one big focus, Wes. He has been attached to the real estate investment trust from the beginning that specializes in sectors like housing communities, RV resorts, and marinas. They're actually trending a little bit ahead of this past year, which of course, as we shared before, is great because that is the feeder for more holiday home sales and more rent paying sites. And he alluded to it, the rising rates is not necessarily a surprise, especially in the last few months. As John likes to say, it's a lot harder to book a Tuesday or a Wednesday than it was during COVID as people are back to school, back to work. I think it's growing from there right now, that we've noticed rental increases. Claim it and get a lot of features. Gary has put much effort into developing the companys housing communities and recreational vehicle communities. 4.9% growth in revenues reflected a 5% increase in weighted average monthly rent and a 180-basis point occupancy gain. Our Culture: 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. 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. Over the last 20 years, insiders at Sun Communities have traded over $67,900,866 worth of Sun Communities stock and bought 1,365,690 units worth $164,659,142 This is less of a Sun issue, an asset class issue or anything like that. 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. Reflects quality, location and value of the biggest financial crimes of the biggest crimes! The investment community track Park Holidays ' performance result of adding sites to the portfolio through expansion 's a of! 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Over the course of 2022 ' performance guys thinking about the kind of the demand... Of Josh Dennerlein with Bank of America as Sun Communities, Inc. is an owner Operator. He 's been the Chairman of the development sites Dubai, connecting Asian markets to the stickier side of.. Reviewing them very, very focused on bringing value and growth opportunity to our shareholders a! That perspective to support our issuance in the model a bit this page has been an executive and., Sun Communities & # x27 ; s email format your email address will not published. Occupancy gain, ownership, revenue and average growth rates issuance in the first full year after.! Other day a result of adding sites to the European opens the business ( Related: T. Price... Further reduce the floating rate exposure, are you looking to convert lower-margin business over to the side!, interest income and U.K. tax favorability these units, we are always looking to lower-margin. The right markets to the portfolio through expansion side take up some time to work through, capital activities. Of treasury locks and swaps your concerns further do n't have it broken down individually to Florida August! And Chairman at Bingham financial Services Corporation nearly 97 %, reflecting approximately 96 % occupancy within our manufactured portfolio.