We maintain a solid relationship with our resident base, which is also our sales force. What industry does Sun Communities compete in? Got it. 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. I think everything is under review. She joined us in 1998 as a Director of . The Sun Communities Executive Team is rated a "C+" and led by CEO Gary Shiffman. Could you maybe go into the three deals you did in December, MH, RV, marina in terms of cap rate sourcing? Sep 30, 2020. No credit card required. 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. 27777 Franklin Rd, Ste 200, Southfield, Michigan 48034, US, View We've just elected to shift smaller margin over to higher valuation in the form of sticky rent. 50 followers 40 connections. Thank you. And on the lease termination, we did mention in my remarks, we did rationalize some space in our main office and got out of two floors in our offices here in Southfield. There's over 100 million people there, and we focus our geographic footprint and target the right markets to operate in. I think that absolutely does have bearing on how we think about things and how we look at things. I'll now turn the call over to Gary Shiffman, Chairman, President and Chief Executive Officer. As a reminder, our guidance includes acquisitions, dispositions and capital markets activity through February 22, 2023, and the effect of a property disposition under contract expected to close in March 2023. So that is -- that explains some of the increase on the debt side as well as purchasing the inventory that will ultimately start to produce income over the course of 2023. Gary Shiffman - Chairman, President and Chief Executive Officer John McLaren - Strategic Adviser Fernando Castro-Caratini - Chief Financial Officer Conference Call Participants Michael. And that's an area that we're focusing on, and there are also smaller margins on the lodges than there are on the lower-based homes. Turning to guidance for 2023. Importantly, we expect our G&A as a percentage of revenue to decline this year. We've discussed the fact that cost of capital is such that we have sharpened our pencil razor thin. 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. As a CEO, he manages, develops, constructs, and acquires housing communities. The company has to face competition from other REIT players like: As of 2022, Gary Shiffmans net worth could be estimated to be between 100-150 million USD. Yes, we are seeing positive strength there. Musks TeslaMaster Plan Lacks Drive. The estimated Net Worth of Gary A Shiffman is at least $187 Million dollars as of 16 August 2021. We negotiate as a package. ComplaintsBoard.com is not affiliated, associated, authorized, endorsed by, or in any way officially connected with Sun Communities Customer Service. 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. The acquired land can support over 2,500 future MH and RV sites. Find contact details for 700 million professionals. Karen Dearing is a Board Member at AGREE REALTY CORP and Exec VP/CFO/Treasurer/Secy at SUN COMMUNITIES INC. She has worked as Senior Vice President at SUN COMMUNITIES INC, Controller at SUN COMMUNITIES INC, and Director:Finance at SUN COMMUNITIES INC. Zippia gives an in-depth look into the details of Sun Communities, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Sun Communities. What are you seeing on the leading-edge demand for transient RV? Sun Communities, Inc is the nation's premier provider of manufactured home communities and RV resorts. So, short term, I think we'll be looking at selective acquisitions that return properly to our shareholders, but certainly investing in the expansion and developments in our manufactured housing portfolio. 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. When was your -- when did your insurance renewal take place? And second, specifically on marinas, how much longer do you think you can push at an elevated level? (Recommended: VICI Properties CEO Email & Net Worth Edward Pitoniak), Your email address will not be published. Image source: The Motley Fool. Or are you perhaps pushing discounts to get the volume? Your NOI is expected to grow 4.5% to 5.7%. I guess maybe for Gary, just on the home sales in general, whether it's U.S., U.K., are you seeing anything by region, by product type, by price point? Our strategic approach has delivered an attractive balance of a reliable organic growth and strong FFO per share increases. Thanks for that answer. Included in our revenue-producing site gains were over 2,250 transient RV annual lease conversions this year, a new record for Sun. We actively managed our interest rate risk by paying down over $700 million of variable-rate debt in the past three months alone, with long-term fixed-rate debt, thereby continuing to reduce our floating rate exposure. 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. You might contact Gary A Shiffman via mailing address: 27777 Franklin Road, Ste 200, Southfield Mi 48034. 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. Our Communities. I think that we don't typically provide guidance towards acquisitions and, of course, capital marketplace activities. Additionally, Mr. Shiffman, through his family-related interests, has had significant direct holdings in various real estate asset classes, which include office, multi-family, industrial, residential and retail. These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. The company, headquartered in Southfield, MI, operates communities throughout the United States and also offers RV resorts throughout the country. So, we have a stringent policy there. It's actually one that we started on in July of the second quarter. Total Compensation for Fiscal Year Ending in 2021: $ . 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. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. So, should this only grow with acquisitions? I mean with respect to U.K. home sales, I mean, our team over there sold over 2,900 houses in 2022, which is a 23% increase year-over-year. ET. Discuss the issues you have had with Sun Communities and work with their customer service team to find a resolution. And certainly, in the U.K. as the second vacation home, an alternative to more expensive vacationing in the U.K. Got it. 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 will now open the call for questions. And we expect about 60% of these revenue-producing sites to come from RV transient site conversions to annual leases. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. Het koersdoel wordt verlaagd van 166 naar 161 USD. 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. Research Tools Sun Communities Executive Team & Key Decision Makers. 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%. Got it. I mean it's -- Keegan, it's really it's a balanced conversation, which is to say, obviously, looking at what expense growth is and applying to passing that on to our residents, but we view rent increases like a marathon versus a sprint. 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 . 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. 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. Looking for a particular Sun Communities employee's phone or email? There is an increase in the surveys that we've done and our competitor has done, with expectation of RV stay and camping this coming year. Similar Profiles. Jeff's experience and leadership will be a tremendous addition to our team. Okay. No credit card required. So, it really is the feeder, if you will. 1993: The firm goes public as Sun Communities Inc. 1994: Sun has the best-performing stock among manufactured housing . So, you can -- right, it would on a like-for-like basis would be much higher than that 1%. (business & personal). This will surely increase the credibility of your complaint. 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. And that SRD&E is really there and the service, as Gary mentioned, right, of having a member with us for an eight-plus-year period, and we'll continue working through those strategies. Identity theft? Gary A. Shiffman is the CEO of Sun Communities, Inc. I wanted to follow on Steve's question. So, the 15%, just to clarify, the 15% does not reflect market prices for U.K. home sales? Obviously, floating-rate debts caught a lot of people maybe not by surprise, but certainly been more powerful and had a bigger negative impact. People are still positive about experiencing that outdoor vacation. 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. Sure. So, from the end of September to the end of December, the pound did appreciate significantly. NYSE: SUI. It brings us industry-leading occupancy growth like the record 2,900 sites we gained over the course of 2022. Please go ahead. This company now owns 22 properties in Sky Harbor. Of this total $851,957 was received as a salary, $1,800,000 was received as a bonus, $0 was received in stock options, $11,171,661 was awarded as stock and $4,670 came from other types of compensation. This review was chosen algorithmically as the most valued customer feedback. Gary A. Shiffman serves as Chairman of the Board of the Company. And just on the excluding transient portion too, right, what would the range be if you exclude your expectations, because there's going to be a bit of an uplift? 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. Yes. The strength of our portfolio is a direct result of our irreplaceable locations, the hard work of our team members and our continued reinvestment in our communities. The oldest executive at Sun Communities, Inc. is Clunet Lewis, 73, who is the Lead Independent Director. He is a member of our Executive Committee. And so, it's something that we watch and talk about very closely as we think about what increases and how we can push further on both MH and RV. 10 free leads on us . Hey, Josh, it's Gary. 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? Join to view profile . I think it reflects our strategic plan with management. Insider Trading History of Gary A Shiffman . Going forward, we will focus on delivering two to three new MH developments each year as well as continued expansions at our existing properties. 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. But I think when we talk about supply/demand, we talk about over 11 million vessels registered for 800,000, 900,000 wet and dry slips. 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. Sun Communities said the purchase diversifies its geographic and demographic footprint. And then, Josh, yes, the bulk of the SRD&E NOI year-over-year is coming from that active program on the fuel side. There are 4 older and 13 younger executives at Sun Communities. Because you obviously expect to compare a lot of sites, which means the comparative pool for transient is going to be much lower. 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. The Sun Communities management team includes Gary Shiffman (Chief Executive Officer), Lori Rumer (Division Vice President), and Eliseo Reategui (Food and Beverage Manager) . Our guidance assumes we increase revenue-producing sites by 2,800 to 3,100 sites in 2023. You guys are -- there's a membership program where now you can get your annual [indiscernible] at cost. . Our next question is from the line of John Kim with BMO Capital Markets. 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 Thank you, everybody. 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. Thank you. As everyone might recall, strategically, we are always looking to convert lower-margin business over to the stickier side of rent. We're not going to reflect that different than our competitors and other asset classes. We're very pleased with the performance of all. Company profile for Sun Communities Inc. including key executives, insider trading, ownership, revenue and average growth rates. And in his stewardship and direction over there, we believe we will derive great benefit for our shareholders as we go forward in an area that really differentiates us from all others in our asset class. The Registered Agent on file for this company is National Registered Agents Inc and is located at 2390 E Camelback Rd, Phoenix, AZ 85016. {{ userNotificationState.getAlertCount('bell') }}. The data presented on this page does not represent the view of Sun Communities and its employees or that of Zippia. So that was the remaining item from that perspective, and we did realize a larger-than-expected increase for 2023. Our insurance renewal occurred between November and January -- November of last year and January of this year. free lookups / month. Thank you. One last one from me. The CEO of Sun Communities is Gary Shiffman. Biography of Gary Shiffman. 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. Sun Communities corporate office is located in 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States and has 1,963 employees. ComplaintsBoard.com is a leading complaint resolution website on the Internet. This is less of a Sun issue, an asset class issue or anything like that. Yes, Wes, it's Gary. We have inventory of over 16,000 fully-entitled sites for development and delivery in future years, representing embedded continued growth. Next, we'll consider growth that. Safe Harbor Marinas CEO Baxter Underwood will continue to lead the company, which will function as a subsidiary of Sun. About Sun Communities, Inc. Sun Communities, Inc. is a REIT that, as of September 30, 2022, owned, operated, or had an interest in a portfolio of 662 developed MH, RV and Marina properties comprising over 180,500 developed sites and over 46,100 wet slips and dry storage spaces in 39 states, the United Kingdom, Canada, and Puerto Rico. Trying to grab the paperwork here. So, home sale prices fell by 15% from last quarter in the U.K., but was flat in U.S. MH business. 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? Mr Shiffman was appointed to the Board in December 2018. Okay. Certainly with the headwinds of interest rates today, that is one big focus, Wes. And by paying down that debt, if that's what we elect to do, we obviously recapture of that lost interest rate. As a reminder, this call is being recorded. Hey, guys. About Us. Appreciate the color, Gary. And the only thing I'd add and then we covered in our posted deck is the delta difference between alternatives, whether it being single-family residential, whether it be multifamily, where you still do provide 25% more space at 50% of the per square foot cost offer a lot of advantages of being able to pull right up to the house, bring your groceries on, have your car in a carport, a garage, et cetera. Maybe a follow-up on that in terms of the development sites. But in the effort of being totally transparent of where our costs have gone to, that's what is included in our guidance. It does look like it's going down a little bit year-over-year. And this is right, once you've converted that site, you have a resident there for on average a five-or-plus year period of time. This information is according to proxy statements filed for the 2021 . Sun Communities employees rate their Executive Team in the Top 50% of similar size companies on Comparably with 1,001-5,000 Employees. I'll address the marine part, and you can talk about the rest of the portfolio, John. And he alluded to it, the rising rates is not necessarily a surprise, especially in the last few months. I think from the booking pace perspective, right now, we are trending just a little bit ahead of last year, which is great. At the midpoint, these rental increases are 6.3% for manufactured housing, 7.8% for RV and 7.5% for marinas. So that is one area. That 90% is ahead of the same time last year and the previous years. Is there anything impacting the guide this year from the termination of a lease? 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. 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. Thanks for that. Most recently he bought 362,903 units of SUI stock worth $70,711,650 on 16 August 2021. Gary has put much effort into developing the companys housing communities and recreational vehicle communities. We don't have it broken down individually to Florida. 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. 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. We will now be conducting a question-and-answer session. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. 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. Get contact details including emails and phone numbers So, in the Park Holidays portfolio, correct [if I'm getting] (ph) this wrong, 40% of all homebuyers have stayed in one of the rentals in the property and 60% of all buyers have stayed in a rental, in a park, in a holiday property. And I think our strategy has really stood the test of time. View detailed SUI description & address. 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. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. For more than 15 years we have helped nearly 50000 customers resolve their issues and will never stop striving to ensure further improvements on our platform for a better communication between companies and customers. 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. Based on our data team's research, Gary Shiffman is the Sun Communities's CEO. In light of current market conditions, we have shown discipline with regard to our approach to capital allocation, and we'll continue to do so going forward. As I assume my new responsibilities focusing on our MH development efforts, I look forward to supporting Bruce and the entire team. 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 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. The oldest executive at Sun Communities, Inc. is ClunetLewis, 73, who is the Lead Independent Director. We have about $117 million, $118 million coming due in the second half of the year and are being programmatic about locking in that cost today, as we've done over the course of the last couple of years. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. Sun Communities raise the rent and by Sun Communities raise the rent by 4.5% every year until it become unaffordable living in one of their 55 y/old trailer park. Park Holidays' portfolio is performing above our original underwriting, and the management team has done an excellent job integrating into Sun. MH and RV Same Property NOI increased by 4.4% in the quarter. Just $139.99 * View More Details Overview Doing Business As: WATER OAK HOME SALES Company Description: Key Principal: Gary Shiffman See more contacts Industry: Offices of Real Estate Agents and Brokers , Real Estate , Real Estate and Rental and Leasing , Broker of manufactured homes, on site Search Search. Your Same Property NOI is growing 4.9% to 5.9%, yet your guidance is calling for earnings to be down in 2023. Yield strong returns via mailing address: 27777 Franklin Road, Ste gary shiffman sun communities email address. 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