So really, really strong demand. So strategically, we do have to think about the cost return proposition in that state as we do everywhere. Thank you. 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. Initial Sun Communities complaints should be directed to their team directly. 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? I think I'd remind everybody, we're going back to more of a pre-COVID normal pattern. Image source: The Motley Fool. That is on a base of approximately 7.5% to 8% fewer site nights. Caucasian employees are most confident in their Executive Team. And we expect about 60% of these revenue-producing sites to come from RV transient site conversions to annual leases. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. 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. We continue to evaluate parts of our portfolio where we think we can redeploy the capital with greater growth. How much is your increase in insurance due to your exposure to Florida? And as we shared with the original information we provided on the deal, Brexit still makes it difficult to travel in the continent. At year-end, our combined MH and RV occupancy was nearly 97%, reflecting approximately 96% occupancy within our manufactured housing portfolio. Sun Communities currently employs approximately 3,146 people. Got it. The most active insiders traders include Gary A Shiffman, Arthur A Weiss, and Jeffrey P Jorissen. I guess just one for Fernando on the balance sheet. Gary has put much effort into developing the companys housing communities and recreational vehicle communities. The company's filing status is listed as Appointed 08/05/2005 and its File Number is F08203384. 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. Are you now, or have you ever been a victim of domestic violence? 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 REIT Sun Communities has bought two complexes in Riverside County for $40 million. Please go ahead. This creates a very sticky customer base and gives us the ability to grow rents. Company Overview. Elevate! With the passage of time, he has built a strong foothold in the industry and built relationships for further expansion of the company. And as we've talked about before, our business is really about reliable growth because of the strong demand and short supply. It reflects the environment for insurance at this point in time. What were they on the marina side, Fernando? The most recent stock trade was executed by Clunet R Lewis on 27 February 2023, trading 1,500 units of SUI stock currently worth $222,765. 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. So, ex that drag, is the expense growth 6% to 7% and matching kind of like the top-line growth? Our next question is from the line of Brad Heffern with RBC Capital Markets. 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. On the U.K. side, we're seeing enormous strength on the higher end of home buying, the more expensive homes increasing. million verified professionals across 35 million companies. Company profile for Sun Communities Inc. including key executives, insider trading, ownership, revenue and average growth rates. Mr. Shiffman is an executive officer and a director of SHS and all of our other corporate subsidiaries. Hey, guys. SUN COMMUNITIES, INC. is an Arizona Business filed on October 7, 1997. Claim it and get a lot of features. 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. 27777 Franklin Rd, Ste 200, Southfield, Michigan 48034, US, View Similar to last quarter, this quarter's outperformance was driven by total marina real property NOI, interest income and U.K. tax favorability. 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. I don't believe we'll lose any opportunities because Sun always has a seat at the table and just about all of the sellers will reach out to Sun, either directly or through a relationship or brokerage. MH and RV Same Property NOI increased by 4.4% in the quarter. Today, we stand at about 16% floating-rate debt. To find out more about what we have to offer, visit a community near you or contact us. Job well done. This year there were 200 companies that made the list . 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 . Appreciate the color, Gary. 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. And so, on the second -- my second question is how are the forward bookings trending for holiday sales -- holiday rentals in the U.K.? Safe Harbor owns and operates 101 marinas in the U.S. with a network of nearly 40,000-member boat owners in 22 states. We were expecting about a 90-basis point increase year-over-year in revenue from transient RV. Thank you. Could you maybe go into the three deals you did in December, MH, RV, marina in terms of cap rate sourcing? His association with Sun Communities goes back to its inception. 4.9% growth in revenues reflected a 5% increase in weighted average monthly rent and a 180-basis point occupancy gain. 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. We negotiate as a package. We look forward to our next call and certainly invite anyone to reach out to Fernando and his team with any follow-up questions. Yes. Bloomberg Daybreak Middle East. 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. Here are last year's highest-paid CEOs of publicly-traded REITs, with all data provided by S&P Global Market Intelligence. One last one from me. When was your -- when did your insurance renewal take place? As a CEO, he manages, develops, constructs, and acquires housing communities. With regard to home sales, our average new home selling price in the U.S. was $196,000 for the quarter, reflecting the high demand at and strategic locations at our properties. ComplaintsBoard.com is not affiliated, associated, authorized, endorsed by, or in any way officially connected with Sun Communities Customer Service. By continuing your navigation, you consent to their use. And third, of course, is that difficult economies often turn up opportunities, and we are looking at a number of opportunities from all of the different platforms. The Leadership score includes details about how employees evaluate their executive team, CEO and manager. So, we have a stringent policy there. And would you expect your volume of acquisitions in 2023 to be lower or higher than 2022? 1981: Shiffman retires from his medical practice to concentrate fully on his growing company. 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. The U.K. market for holiday parks remains highly fragmented. Find contact information for Sun Communities. For the full year 2022, Sun delivered approximately 1,160 expansion sites at 11 existing communities and over 840 sites at six development communities in the U.S. for a total of 2,000 future revenue-producing sites. Gary Shiffman About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form. How much is the insurance as a percentage of operating percentage? Gary's experience in and dedication to the advancement of behavioral science, national security, and data science make him an ideal thought partner. 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. View detailed SUI description & address. Join to view profile . 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. Is this your company? Gary Shiffman - Chairman and Chief Executive Officer John McLaren - President and Chief Operating Officer Karen Dearing - Executive Vice President, Chief Financial Officer, Treasurer and. Got it. We prefer the stickiness of the rent over the one-time margin on the home sales. Thank you. Our Culture: 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. 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. And a Car. 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. 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. So, there's no specific plan. Same is true in the RV for vacationing. 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 Reason #2 to Attend: Network. Ms. Dearing served as our Chief Financial Officer, Treasurer and Secretary from 2008 - 2022. If you're not automatically redirected, please click here. Because you obviously expect to compare a lot of sites, which means the comparative pool for transient is going to be much lower. The waitlist, we're now -- we now have a waitlist at 91% of our marinas. Thank you for your participation in today's conference. No credit card required. He reportedly earns 11-16 million USD in annual compensation. KAREN J. DEARING. Hey, Josh, it's Gary. Park Holidays' portfolio is performing above our original underwriting, and the management team has done an excellent job integrating into Sun. I feel like throughout the fall, the messaging on the rate growth you were sending out was going to line up with expense growth. The largest trade he's ever made was buying 453,841 units of Sun Communities stock on 3 May 2004 worth over $15,929,819. We're fortunate that the higher income earners in the U.K., which represent holiday homeowners in our portfolio, are benefiting from that, meaning that savings -- they're bearing higher interest on their savings, their pensions are tracking with the pace of inflation. 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. 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. No credit card required. And they look at the claims that they've paid out versus the premiums they've taken in. 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. Or is there some other explanation? For the 31 properties Park Holidays has owned since at least January 2021, home sales rose 17%. And going forward, we expect good solid growth this coming year. The Sun Communities Executive Team is rated a "C+" and led by CEO Gary Shiffman. 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. Or has something kind of shifted in the model a bit? 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. 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. Hey, guys. You can see the complete history of Mr. Shiffman stock trades at the bottom of the page. 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. 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. His association with Sun Communities goes back to its inception. Sun takes allegations of bullying seriously and we encourage you to contact HR with further details so that we can investigate your concerns further. Reason #3 to Attend: Discover. At the midpoint, we were expecting 7.5% for this year. Sun Communities, Inc. is a REIT that, as of December 31, 2020, owned, operated, or had an interest in a portfolio of 552 developed MH, RV and marina properties comprising over 188,000 developed sites in 39 states and Ontario, Canada. 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. 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. This is less of a Sun issue, an asset class issue or anything like that. RBC Capital Markets is positief over het aandeel met een koopadvies. 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. We will now open the call for questions. It's actually one that we started on in July of the second quarter. (Related: T. Rowe Price CEO Email & Net Worth Rob Sharps). And I turn to John, who's overseeing that, to talk a little bit more about the particulars of the U.K. home sales. Sun Communities competes in Real estate investment trust industry. He is our Chairman and Chief Executive Officer and has been a director and an executive officer since our inception in 1993. For 25-plus years, we've delivered positive revenue and NOI growth every year when others have seen ups and downs. 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. Together, the two parks one in Jurupa Valley and another in Banning, accordingContinue reading Sun Communities, Inc. is an owner, operator and developer of manufactured housing communities. 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. (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 I think from the booking pace perspective, right now, we are trending just a little bit ahead of last year, which is great. Full year weighted average rental rates increased 5.4%, driving a 24% increase in home revenues. No. Mr Shiffman was appointed to the Board in December 2018. 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? Welcome to the Sun Communities Fourth Quarter and Year End 2022 Earnings Conference Call. On a run rate trailing 12-month basis, our net debt-to-EBITDA ratio was 5.8 times. Gary A. Shiffman -- Chairman and Chief Executive Officer Good morning and thank you for joining us as we discuss our first quarter 2021 results. {{ userNotificationState.getAlertCount('bell') }}. We're very pleased with the performance of all. All-Age Communities; Active 55+ Communities. . You can find contact details for Sun Communities above. So, it's more back to normal, I think. Gary Shiffman bought 364.42k shares over the last 12 months at an average price of US$195. Thank you. We're very pleased with our 2022 achievements. Sun Communities has 3,146 employees, of which 5 are in a leadership position. As I assume my new responsibilities focusing on our MH development efforts, I look forward to supporting Bruce and the entire team. We've done over $2.2 billion of IG unsecured bonds with that public market. Eventually, he took over the reins from his father to head the company. 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. 1985: The company incorporates in order to expand further. Good morning, ladies and gentlemen, and thank you for standing by. You may now disconnect your lines. Out of their 1 competitor, Aspen Heights, Sun Communities' score . Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. For those who would like to participate in the question-and-answer session, management asks that you limit yourself to two questions, so everyone who would like to participate has ample opportunity. Going forward, we will focus on delivering two to three new MH developments each year as well as continued expansions at our existing properties. Sign-In-To-Your-Account. 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. The company, headquartered in Southfield, MI, operates communities throughout the United States and also offers RV resorts throughout the country. Our next question is from the line of Wes Golladay with Baird. 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. I wanted to follow on Steve's question. So, should this only grow with acquisitions? The proceeds were used to repay amounts on our revolving credit facility. People are still positive about experiencing that outdoor vacation. Our next question is from the line of John Kim with BMO Capital Markets. Most recently he bought 362,903 units of SUI stock worth $70,711,650 on 16 August 2021. (business & personal). There are 4 older and 13 younger executives at Sun Communities. View more questions & answers Overview of Sun Communities complaint handling Like is there a way to kind of recover it kind of over the long term? 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. We can follow up, that's a very quick follow-up with you after the call. And I'll let John talk really about a 40-year history of manufactured housing. Importantly, we expect our G&A as a percentage of revenue to decline this year. 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. And certainly, in the U.K. as the second vacation home, an alternative to more expensive vacationing in the U.K. Got it. I think just general good stewardship of how we think about reducing that variable debt. I think it reflects our strategic plan with management. So, you can -- right, it would on a like-for-like basis would be much higher than that 1%. ComplaintsBoard.com is a leading complaint resolution website on the Internet. Thanks a lot for taking my question. One of the key factors of our business that we are able to pass on, expenses in the form of rental increases. Sign up for a free account. Thanks. At our RV communities, we set another annual record for site conversions to annual leases. 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