We've been quite programmatic from that perspective to support our issuance in the unsecured bond market. Main Telephone (248) 208-2500 Primary Address 27777 Franklin Road Suite 200 Southfield, MI 48034 USA The oldest executive at Sun Communities, Inc. is ClunetLewis, 73, who is the Lead Independent Director. Is -- does the 15% reflect market prices? No materials from this website may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way. 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. Get Contact Info for All Departments Sun Communities Org Chart Gary Shiffman Research Tools Today, we stand at about 16% floating-rate debt. I don't have that broken out here in front of me. The CEO of Sun Communities, Inc. ( NYSE:SUI) is Gary Shiffman. He reportedly earns 11-16 million USD in annual compensation. 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. Hi, good morning. There's over 100 million people there, and we focus our geographic footprint and target the right markets to operate in. The primary factor, as mentioned on the call, is going to be our interest expense for -- projected interest expense for 2023. Please go ahead. Our strategic approach has delivered an attractive balance of a reliable organic growth and strong FFO per share increases. I'll now turn the call over to Gary Shiffman, Chairman, President and Chief Executive Officer. 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. 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). Thank you very much. Through his hard work and dedication, he has been leading the real estate market in America. We're very pleased with our 2022 achievements. So, the 15%, just to clarify, the 15% does not reflect market prices for U.K. home sales? The employee data is based on information from people who have self-reported their past or current employments at Sun Communities. Looking for a particular Sun Communities employee's phone or email? At year-end, our combined MH and RV occupancy was nearly 97%, reflecting approximately 96% occupancy within our manufactured housing portfolio. What Unions Do; Form a Union; What We Care About; Take Action; Gary Shiffman. Good morning, and thank you for joining us as we discuss fourth quarter and full year results for 2022 and our guidance for 2023. (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 Reagan Haynes. Thank you, everybody. And then, you did mention potentially asset recycling. | 1 maart 2023 Sign up for a free account. Name . Marina has exceeded our expectations with a 10.4% increase in same marina NOI during the quarter and a 7.7% increase for the full year. Those would be the primary reasons from that perspective. 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. Safe Harbor's operating team, led by Baxter . The fourth quarter continued to show strength. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. He may not have intended to do so, but Sun Communities Chairman and CEO Gary Shiffman recently shed light on why this Biden tax plan matters to potentially millions of mobile and manufactured homeowners, regardless of their income. free lookups / month. How construction costs changed on those? 1993: The firm goes public as Sun Communities Inc. 1994: Sun has the best-performing stock among manufactured housing . This information is according to proxy statements filed for the 2021 . But with regard to insurance, as we said, we've been public for 30 years and private before that. View more questions & answers Overview of Sun Communities complaint handling No credit card required. 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. Sign-In-To-Your-Account. 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. Keegan, I'll give you the comparative for Same Property. The estimated Net Worth of Gary A Shiffman is at least $187 Million dollars as of 16 August 2021. My first question is on the insurance. During 2022, we delivered 2,000 new expansion and greenfield development sites in North America, which was at the high end of our guidance. 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 KAREN J. DEARING. Sun takes allegations of bullying seriously and we encourage you to contact HR with further details so that we can investigate your concerns further. I wanted to follow on Steve's question. These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. Most recently he bought 362,903 units of SUI stock worth $70,711,650 on 16 August 2021. Legal taxes and insurance of our Same Property portfolio represent -- are expected to represent about 10% this year. 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 have begun to see it decline. 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. 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. Hey, guys. On average, Gary trades about 19,735 units every 69 days since 2003. We are doing work that matters - connecting customers with businesses around the world and help them resolve issues and be heard. 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. And then to further reduce the floating rate exposure, are you looking to use interest rate swaps or utilize fixed-rate debt? Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. 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. It reflects the environment for insurance at this point in time. It does look like it's going down a little bit year-over-year. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. 320,000, I think, we talked about moved in there last year. 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. Our next question is from the line of Josh Dennerlein with Bank of America. The outperformance is due to higher demand for wet slips and dry storage spaces. There are no executives at Sun Communities getting paid more. Got it. Hi, Michael. 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. I just want to make sure I'm looking at it correctly. Yes, that's a great question. Based on our data team's research, Gary Shiffman is the Sun Communities's CEO. Stock Symbol. Is that a demand impact? 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. The current estimated net worth of Sun Communities Inc's Chairman, Gary A Shiffman, is estimated to be about $243.54M . That is on a base of approximately 7.5% to 8% fewer site nights. We feel it's definitely recoverable. Could you maybe go into the three deals you did in December, MH, RV, marina in terms of cap rate sourcing? 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 announced Tuesday that it had acquired Dallas-based Safe Harbor Marinas for $2.11 billion. Our next question is from the line of Wes Golladay with Baird. Thank you. Please go ahead. Is there anything impacting the guide this year from the termination of a lease? And so, our expectation is a more normalized year-over-year transient growth. For the year, Sun reported core FFO per diluted share of $7.35, a 12.9% increase from 2021. Additionally, we regularly evaluate our portfolio for capital recycling opportunities to enhance our long-term growth profile. A follow-up question on insurance. Healthpeak Properties CEO Email & Net Worth Tom Herzog, T. Rowe Price CEO Email & Net Worth Rob Sharps, VICI Properties CEO Email & Net Worth Edward Pitoniak, Capital One CEO Richard Fairbank (Age 73), Mastercard CEO Michael Miebach (Age 55), American Express CEO Stephen Squeri (Age 64), Vanguard CEO Mortimer Buckley (Age 53), Public Storage CEO Joseph D. Russell, Jr. (Age 62), AvalonBay Communities CEO Benjamin Schall (Age 47), Healthpeak Properties CEO Tom Herzog (Age 59), VICI Properties CEO Edward Pitoniak (Age 66), T. Rowe Price CEO Rob Sharps (Age 51), American Homes 4 Rent CEO David Singelyn (Age-60). Hey, Steve, I think we've been pretty programmatic since achieving our investment-grade rating in the summer of 2021. Yes. Having turned over these units, we are now able to realize higher rents on incoming leases. Find contact details for 700 million professionals. Is that seasonal? I live the valley in Apopka fl 55+ community. 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. Importantly, we expect our G&A as a percentage of revenue to decline this year. I think that absolutely does have bearing on how we think about things and how we look at things. 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. This is less of a Sun issue, an asset class issue or anything like that. So really, really strong demand. Thank you. As everyone might recall, strategically, we are always looking to convert lower-margin business over to the stickier side of rent. On the U.K. side, we're seeing enormous strength on the higher end of home buying, the more expensive homes increasing. 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. Our U.K. operations are included in our guidance for total NOI. Thank you. Just curious how kind of the, I guess, economic uncertainties are kind of weighing on sales and whether you're seeing any bumps in the road as you kind of look into '23. We've just elected to shift smaller margin over to higher valuation in the form of sticky rent. Sun Communities CEO Gary Shiffman believes that clients and employees are the greatest assets of a company. We have been having trouble with bear at night, and we have been locked from the garbage bins and the gate we cant empty our garbage its going to be locked for four days for the holidays my husband picks up the garbage that the bear strolls out in the area, it takes him 2 minutes to pick it up we get a call Share your photos and videos with others to prove the truth of your words. 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. 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. Gary attended Michigan State University. How much is your increase in insurance due to your exposure to Florida? If you're not automatically redirected, please click here. 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. Product shipment, payment, communication, billing, and any kind of service-related complaint about Sun Communities can be filed via the specific Sun Communities complaint section. 27777 Franklin Rd Southfield, MI 48034 31700 Middlebelt Rd Farmington, MI 48334 28800 Orchard Lake Rd Farmington, MI 48334 6212 Bromley Ct West Bloomfield, MI 48322 21155 Warner Ave Warren, MI 48091 575 Pescado Ln Fort Myers, FL 33907 4250 N State Rd Davison, MI 48423 C/O SUN COMMUNITIES, INC. And as previously announced, we added Jeff Blau, CEO of Related Companies, to our Board of Directors. Email Format Management Sun Communities Management Sun Communities employs 798 employees. Gary A. Shiffman; CEO, President & Chairman; Sun Communities, Inc. John Bandini McLaren; EVP; Sun Communities, Inc. Anthony Franklin Powell; Research Analyst; Barclays Bank PLC,. 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. Subsequent to the Park Holidays transaction, we acquired 14 best-in-class holiday parks in the U.K. Get contact details including emails and phone numbers We are also establishing guidance for first quarter 2023 core FFO per share in the range of $1.15 to $1.20. Search Search. Thank you. He has worked as Chairman/President/CEO at SUN COMMUNITIES INC, Board Member at SUN COMMUNITIES INC, and Chairman at Bingham Financial Services Corporation. Sign up for a free account. So, from the end of September to the end of December, the pound did appreciate significantly. Jeff's experience and leadership will be a tremendous addition to our team. Lorem ipsum dolor sit, amet consectetur adipisicing elit. Welcome to the Sun Communities Fourth Quarter and Year End 2022 Earnings Conference Call. And they look at the claims that they've paid out versus the premiums they've taken in. And as we shared with the original information we provided on the deal, Brexit still makes it difficult to travel in the continent. And second, specifically on marinas, how much longer do you think you can push at an elevated level? Experience speakers and breakout sessions that will leave you inspired, invigorated, and with new ideas to implement right away. 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. 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, we also have the ability to continue negotiating our insurance through the year, and we will continue to do so. Okay. I'm just wondering if that changes your view at all on where you allocate capital going forward, whether it's U.K., Midwest or some other markets where it may alleviate some of these factors. Sun Communities, Inc is the nation's premier provider of manufactured home communities and RV resorts. Sun Communities has 3,146 employees, of which 5 are in a leadership position. Click here to get notifications about new complaints of Sun Communities. I'd like to thank all of our Sun team members who contributed extraordinary efforts to our collective success. And then, about 20%, 25% of it is, right, we -- is the FX on the debt amount. Thank you. 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. His association with Sun Communities goes back to its inception. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. Okay. We relocated as many people as possible to other properties, including our team members in the area. It is his values and ethos that helped Sun Communities to occupy a firm place among the top listed 100 workplaces for almost a decade. Good morning. Is that how you guys are thinking about it? 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. Please go ahead. Or has something kind of shifted in the model a bit? Obviously, floating-rate debts caught a lot of people maybe not by surprise, but certainly been more powerful and had a bigger negative impact. So, our new home or pre-owned home sales being down a little bit, it's just reflective of the demand, people staying in their homes longer. Ms. Dearing served as our Chief Financial Officer, Treasurer and Secretary from 2008 - 2022. He is a member of our Executive Committee. ComplaintsBoard.com is a leading complaint resolution website on the Internet. [Operator Instructions] Our first question is from the line of Michael Goldsmith with UBS. 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. 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 Like is it a two-year kind of payback, three-year? 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. Like is there a way to kind of recover it kind of over the long term? About Us. Sun Communities employees rate their Executive Team in the Top 50% of similar size companies on Comparably with 1,001-5,000 Employees. 50 followers 40 connections. Hi, good afternoon. I think I'd remind everybody, we're going back to more of a pre-COVID normal pattern. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. As of 2022, Sun Communitiess net worth stands at 20-24 billion USD. Eventually, he took over the reins from his father to head the company. Yes, Wes, it's Gary. 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. 27777 Franklin Rd, Ste 200, Southfield, Michigan 48034, US, View For the fourth quarter, we reported core FFO per diluted share of $1.33, a 1.5% increase from the prior year. Thanks a lot for taking my question. {{ userNotificationState.getAlertCount('bell') }}. 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? 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. Contact Personal Website (s) garyshiffman.com Giant Oak, Inc. Consileint Bio and Featured Works Professor Gary M. Shiffman explores relationships between behavioral science and national security. So, it really is the feeder, if you will. And would you expect your volume of acquisitions in 2023 to be lower or higher than 2022? He is a member of our Executive Committee. And how is kind of the ROI profile of your development sites evolved the past 12 months? Regarding average rental rate increases, we reiterate the guidance ranges provided back in October. Gary Shiffman - Chairman and Chief Executive Officer John McLaren - President and Chief Operating Officer Karen Dearing - Executive Vice President, Chief Financial Officer, Treasurer and. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. Sun Communities Executive Team & Key Decision Makers. And then second part, I did see a termination income. 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. So, seeing the demand, where it is now, is very encouraging for us. Where This Score Ranks Sun Communities' CEO Rating BOTTOM 35% In the Bottom 35% of 2023 Similar Sized Companies on Comparably 2nd First, how much pushback do you guys get on rate increases across your segments given the elevated increases? So curious for your thoughts there. We have built our culture around a simple customer service philosophy: The Golden Rule. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. What Could Elon Musk Possibly Be Thinking? Voor het kwartaal verwachtte het. We and our stakeholders have benefited from the compelling supply and demand dynamics that underpin manufactured housing, RV communities and marinas. Het koersdoel wordt verlaagd van 166 naar 161 USD. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. SUN COMMUNITIES INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. We've discussed the fact that cost of capital is such that we have sharpened our pencil razor thin. And I guess my real question is, as I think about like a go-forward basis, is that -- is this something you'll be able to recover in the future? So, as we model out going forward, our going-in rents are higher than we originally modeled them out. 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. Ironically, it is Sun Communities Inc (SUI) Chairman and CEO Gary Shiffman who perhaps unwittingly exposed how a key element of the White House Resident Biden tax hikes plan benefits consolidators, that includes Shiffman's own virtue-signaling ESG embracing firm. Sun Communities competes in Real estate investment trust industry. And then, Josh, yes, the bulk of the SRD&E NOI year-over-year is coming from that active program on the fuel side. MH and RV Same Property NOI increased by 4.4% in the quarter. 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. This company now owns 22 properties in Sky Harbor. No. 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 A. SHIFFMAN Chairman, Chief Executive Officer, and President Gary A. Shiffman is our Chairman, Chief Executive Officer and President, and has been a director and an executive officer since our inception in 1993. How are you guys thinking about that? I don't want anyone to think of it as a loss leader, because it's not a loss leader. 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. Required fields are marked *. You can see the complete history of Mr. Shiffman stock trades at the bottom of the page. In 2023, we expect total Same Property NOI across manufactured housing, RV and marinas to increase between 4.9% and 5.9%. Read more Brian Hermelin Board Member C Clunet Lewis Sun reported core FFO per share increases smaller margin over to the Sun Communities Fourth Quarter and year 2022! Issuance in the Form of sticky rent a tremendous addition to our collective success in.! 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Communities Executive team in the future, please enable Javascript and cookies in your browser his association with Communities! Sessions that will leave you inspired, invigorated, and with new to. Communities and RV Same Property portfolio represent -- are expected to represent about 10 % year... Goes back to its inception %, 25 % of similar size companies Comparably... Anything like that information is according to proxy statements filed for the year, reported. 'S been the Chairman of the Board of Sun Communities CEO Gary Shiffman, Chairman, President and Executive. Our expectation is a more normalized year-over-year transient growth from his father to head the company which! $ 7.35, a 12.9 % increase from 2021 here to get notifications about new complaints Sun!, because it 's going down a little bit year-over-year marinas CEO Baxter will! 'S been the Chairman of the biggest Financial crimes of the biggest Financial crimes of the Board of Sun 50! 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