But in the effort of being totally transparent of where our costs have gone to, that's what is included in our guidance. The outperformance is due to higher demand for wet slips and dry storage spaces. Sun takes allegations of bullying seriously and we encourage you to contact HR with further details so that we can investigate your concerns further. We've just elected to shift smaller margin over to higher valuation in the form of sticky rent. Thank you. Please. Got it. Gary A. Shiffman; CEO, President & Chairman; Sun Communities, Inc. John Bandini McLaren; EVP; Sun Communities, Inc. Anthony Franklin Powell; Research Analyst; Barclays Bank PLC,. 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. Claim it and get a lot of features. In January of this year, we issued $400 million of 10-year senior unsecured notes, which benefited from $250 million of treasury locks and used those proceeds to further reduce our line of credit balance. Could you maybe go into the three deals you did in December, MH, RV, marina in terms of cap rate sourcing? After their remarks, there will be an opportunity to ask questions. Sun Communities CEO Gary Shiffman believes that clients and employees are the greatest assets of a company. And then, my second question is just on the flow-through of the NOI growth. Eventually, he took over the reins from his father to head the company. 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. Sun Communities is a publicly traded real estate investment trust that invests in manufactured housing communities, recreational vehicle resorts, and marinas. 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. 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. Our next question is from the line of Anthony Powell with Barclays. 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. | 1 maart 2023 Sun Communities & Sun Outdoors has been named a Top Workplace in Michigan by the Detroit Free Press! Search over 700 You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com Where is Sun Communities located? But it's a big advantage to paying the profits that other boat owners would have to pay elsewhere. 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 And a Car. Ms. Dearing has served as our Executive Vice President, Special Projects since May 2022 overseeing the integration of our UK Investments, as well as advising on other strategic initiatives. Thanks for that answer. There's over 100 million people there, and we focus our geographic footprint and target the right markets to operate in. How much is the insurance as a percentage of operating percentage? 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. 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. On average, Sun Communities executives and independent directors trade stock every 50 days with the average trade being worth of $2,616,388. On the U.K. side, we're seeing enormous strength on the higher end of home buying, the more expensive homes increasing. Steve, I can share with you, as of this point, and I'll let John go more into specific sales. 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. And so basically, we're just executing the plan that we set out to do. I think just general good stewardship of how we think about reducing that variable debt. He has been actively involved in the management, acquisition, construction and development of manufactured housing communities and has developed an extensive network of industry relationships over the past thirty years. With Shiffman's guidance, he began building. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! This year marks Sun's 30th year as a public company. Is that how you guys are thinking about it? Is that the main reason the service retail dining and entertainment NOI is declining year-over-year? Competitors. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Up to 5 Learn about their Real Estate market share, competitors, and Sun Communities's email format. Sun Communities currently employs approximately 3,146 people. I think it's one of the high points that we've seen. View detailed SUI description & address. He regularly serves as a panel member and keynote speaker on topics relating to financial security, human behavior, artificial intelligence, machine learning, and big data, among others. 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 And really, that's -- I think that sort of everybody is, for lack of better words, the beneficiary of those events happening in the form of higher costs. Technologies. We are also providing certain guidance data points to help the investment community track Park Holidays' performance. ET. Yes. And second, specifically on marinas, how much longer do you think you can push at an elevated level? Sign-In-To-Your-Account. 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? We are nearly 95% booked, which is better than we were at this time last year for Q1. Importantly, we expect our G&A as a percentage of revenue to decline this year. Please DO NOT add attachments that contain your or other peoples personal information, if you dont want it to be visible to the public. So that is one area. Executive Summary. 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. Yes. 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. Bloomberg Daybreak Middle East. And would you expect your volume of acquisitions in 2023 to be lower or higher than 2022? 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. Great. 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. 320,000, I think, we talked about moved in there last year. With respect to ESG, we continually identify ways that we can enhance our corporate citizenship. You might contact Gary A Shiffman via mailing address: 27777 Franklin Road, Ste 200, Southfield Mi 48034. 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? For the year, Sun reported core FFO per diluted share of $7.35, a 12.9% increase from 2021. My first question is on the insurance. And while these aren't loss leaders, we are passing off gas, fuel at our cost to attract members. Your email address will not be published. I guess just one for Fernando on the balance sheet. 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. Note that we expect first quarter results to reflect the seasonality of U.K. operations, as outlined in our supplemental, which we acquired in April 2022. 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 . Career & Education - Company, University, & College Gary attended Michigan State University. Okay. Our next question is from the line of Brad Heffern with RBC Capital Markets. We're not going to reflect that different than our competitors and other asset classes. He has overseen the acquisition, rezoning, development, expansion and marketing of numerous manufactured home communities, as well as recreational vehicle communities. 1975: Milton M. Shiffman begins acquiring manufactured housing communities. Real estate investment trust Sun Communities said it is acquiring Safe Harbor Marinas for $2.11 billion. We look forward to our next call and certainly invite anyone to reach out to Fernando and his team with any follow-up questions. Hey, guys. I don't have that broken out here in front of me. And the fact that they're direct selling their homes, so there's no interruption in rent to us, but we're not able to buy the inventory to flip into the used homes as we have been. Thank you. So, we don't currently see those type of headwinds that you're suggesting in the marina business. NYSE: SUI. (business & personal). 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. Yes, the company is profitable. Is there anything impacting the guide this year from the termination of a lease? We don't have it broken down individually to Florida. 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. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. We've been quite programmatic from that perspective to support our issuance in the unsecured bond market. We also did swap 400 million of our pound sterling term loan in the U.K. 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. Got it. Sun Communities has an average consumer rating of 1 stars from 176 reviews. He has worked as Chairman/President/CEO at SUN COMMUNITIES INC, Board Member at SUN COMMUNITIES INC, and Chairman at Bingham Financial Services Corporation. This creates a very sticky customer base and gives us the ability to grow rents. Like MH and RV, marinas continued to generate reliable growth due to the industry's favorable supply and demand dynamics. 5.8% increase in expenses was primarily related to turnover costs in our rental program, as one consequence of the pandemic was lengthened average stay and therefore, higher related refurbishment costs. Sun Communities competes in Real estate investment trust industry. What Could Elon Musk Possibly Be Thinking? We've also taken advantage of the fact that our assets that are still under secured financing or still have mortgages, because of their strong performance, we're able to borrow up on existing financings and did a $311 million one that closed between December and January over the course of the last couple of months. I think that we don't typically provide guidance towards acquisitions and, of course, capital marketplace activities. To help find his footing, Suh turned to another local mentor: Gary Shiffman, the founder and CEO of Sun Communities, a REIT based near Detroit. 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. 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. And then, about 20%, 25% of it is, right, we -- is the FX on the debt amount. Because you obviously expect to compare a lot of sites, which means the comparative pool for transient is going to be much lower. There are no executives at Sun Communities getting paid more. Sun Communities corporate office is located in 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States and has 1,963 employees. Since we achieved an investment-grade rating in 2021, we have now issued $2.2 billion of unsecured fixed-rate notes across four tranches. Good morning, everyone. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. 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? So, our expectation is that we can't pass-through the expenses. Sun Communities employees rate their Executive Team in the Top 50% of similar size companies on Comparably with 1,001-5,000 Employees. None of the information on this page has been provided or approved by Sun Communities. Those would be the primary reasons from that perspective. So, our expectation is that we will pass-through these costs through rental increases as we go forward because they're part of our operating business. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. 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. 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. Fernando? And they look at the claims that they've paid out versus the premiums they've taken in. At the midpoint, these rental increases are 6.3% for manufactured housing, 7.8% for RV and 7.5% for marinas. But if you look out into the whole year, we're a little bit ahead in total booking pace, meaning bookings that have actually happened at this point in time versus where we were last year. Finally, I want to express my gratitude to the entire Sun team for the privilege to serve as our President for the past eight years and as Chief Operating Officer since 2008. Sun Communities CEO Email | Gary Shiffman Contact You can write to gshiffman@suncommunities.com to connect with the real estate investment firm's CEO. Today, we stand at about 16% floating-rate debt. At our RV communities, we set another annual record for site conversions to annual leases. Lastly, our Board has raised our 2023 distribution to $3.72 per share, a 5.7% increase from the prior year. Sun Communities executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Explore this wiki for details such as Sun Communities CEO email, Gary Shiffman net worth, and Sun Communities net worth. Privacy Policy. million verified professionals across 35 million companies. His association with Sun Communities goes back to its inception. So, as we model out going forward, our going-in rents are higher than we originally modeled them out. No credit card required. 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. 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. Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. 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. No credit card required. Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? SUI earnings call for the period ending June 30, 2021. About Us. Through his hard work and dedication, he has been leading the real estate market in America. Total portfolio occupancy of 96.8% includes newly delivered development and expansion sites. As of 16 August 2021 he still owns at least 940,253 units of Sun Communities stock. 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. Reason #3 to Attend: Discover. Safe Harbor's operating team, led by Baxter . 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. Gary's mailing address filed with the SEC is 27777 FRANKLIN ROAD, SUITE 300, SOUTHFIELD, MI, 48034. Biography of Gary Shiffman. 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. Gary Shiffman - Chairman and Chief Executive Officer John McLaren - President and Chief Operating Officer Karen Dearing - Executive Vice President, Chief Financial Officer, Treasurer and. Gary Shiffman. free lookups / month. There are 4 older and 13 younger executives at Sun Communities. Sure. 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. 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. 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.. Sun Communities Executive Team & Key Decision Makers. Additionally, we regularly evaluate our portfolio for capital recycling opportunities to enhance our long-term growth profile. Experience speakers and breakout sessions that will leave you inspired, invigorated, and with new ideas to implement right away. Gary A. Shiffman -- Chairman and Chief Executive Officer Good morning and thank you for joining us as we discuss our first quarter 2021 results. It does look like it's going down a little bit year-over-year. Within our MH and RV portfolio, we gained over 2,900 revenue-producing sites for the year. So really, really strong demand. What industry does Sun Communities compete in? 4.0 . Get Contact Info for All Departments Sun Communities Org Chart Gary Shiffman (Podcast), Chairman/President/CEO, Sun Communities Inc. Going forward, we will focus on delivering two to three new MH developments each year as well as continued expansions at our existing properties. The proceeds were used to repay amounts on our revolving credit facility. And as we spoke earlier, we're intentionally shifting a value proposition that will support continued rental increases by offering memberships, the other lower-margin attributes such as fuel, such as discounted transient stays when there's open sites or slips available and other membership opportunities. 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 Sun Communities, inc ( SUI -0.28%) Q2 2021 Earnings Call. 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. The CEO of Sun Communities, Inc. ( NYSE:SUI) is Gary Shiffman. As we sharpen our pencil and assess capital and funding alternatives, growing our revenue-producing sites through expansions and ground-up developments continues to offer accretive returns. The latest review Blueberry Hill Bushnell Florida was posted on Feb 20, 2023. 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. 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. Ms. Dearing served as our Chief Financial Officer, Treasurer and Secretary from 2008 - 2022. 1985: The company incorporates in order to expand further. Gary Shiffman About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form. As a CEO, he manages, develops, constructs, and acquires housing communities. The fact that we're in Florida, Texas and California is by design. For the fourth quarter, we reported core FFO per diluted share of $1.33, a 1.5% increase from the prior year. We anticipate investing roughly $200 million in our ground-up development and expansion activity. 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. 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. As our 30-year track record has demonstrated, we have a business model that delivers results throughout economic cycles, supported by compelling supply-demand fundamentals. 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. So that was the remaining item from that perspective, and we did realize a larger-than-expected increase for 2023. Join to view profile . We will now open the call for questions. 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. 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. 1993: The firm goes public as Sun Communities Inc. 1994: Sun has the best-performing stock among manufactured housing . . 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. 4.9% growth in revenues reflected a 5% increase in weighted average monthly rent and a 180-basis point occupancy gain. We received an approximate 50% uplift in revenue in the first full year after conversion. Total Compensation for Fiscal Year Ending in 2021: $ . Certainly with the headwinds of interest rates today, that is one big focus, Wes. Our next question is from the line of Wes Golladay with Baird. Please go ahead. 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. We prefer the stickiness of the rent over the one-time margin on the home sales. ComplaintsBoard.com is a leading complaint resolution website on the Internet. And so -- and then the other thing that I would add is looking out into 2023 from a strength perspective, 90% of our owners have already paid their 2023 pitch fees in full are committed on direct debit. So, we also have the ability to continue negotiating our insurance through the year, and we will continue to do so. This company now owns 22 properties in Sky Harbor. (Related: T. Rowe Price CEO Email & Net Worth Rob Sharps). It reflects the environment for insurance at this point in time. We were expecting about a 90-basis point increase year-over-year in revenue from transient RV. And when we talk about passing on guests at our cost, it's not just the cost we buy it at the pumper truck, but it's the cost associated with delivering it. Safe Harbor Marinas CEO Baxter Underwood will continue to lead the company, which will function as a subsidiary of Sun. Image source: The Motley Fool. Caucasian employees are most confident in their Executive Team. We have recently received our first permit to place new homes, and our new home sales program is largely set in anticipation of reopening sites in the second half of the year. And I would suggest that strategically, we're looking at it very carefully. Good morning, ladies and gentlemen, and thank you for standing by. So, you will continue to see an emphasis on that strategy as we go forward. As a reminder, this call is being recorded. And currently, where we have not seen any major changes to cap rates in North America, manufactured housing of institutional quality is still in the 4% or in some -- one case I just heard of below for those high-quality assets and very few of them trade RV in the low 4%-s to 5%-s. Marinas, there's been a lot of competition and sort of in a plus or minus 6% range currently is where we're seeing the institutional quality assets trade at. The Registered Agent on file for this company is National Registered Agents Inc and is located at 2390 E Camelback Rd, Phoenix, AZ 85016. 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. 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. 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 Clunet Lewis, 73, who is the Lead Independent Director. This documentary-style series follows investigative journalists as they uncover the truth. 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Investment community track Park Holidays ' performance any follow-up questions year after conversion Franklin! Shiffman Net worth, Age, Career, & more to help the investment community track Park Holidays '.... Evaluate our portfolio for capital recycling opportunities to enhance our long-term growth profile Services.... 3.72 per share, a 5.7 % increase from the prior year 're executing! Lewis, 73, who is the insurance as a subsidiary of Sun Communities has average... The midpoint, these rental increases are 6.3 % for RV and 7.5 % for housing.