1985: The company incorporates in order to expand further. 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. John? 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. And I'll let John talk really about a 40-year history of manufactured housing. Faqs. And certainly, in the U.K. as the second vacation home, an alternative to more expensive vacationing in the U.K. Got it. No credit card required. Mr Shiffman was appointed to the Board in December 2018. Trying to grab the paperwork here. Up to 5 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. So, because there is a cost associated with over 16,000 sites that we've already bought and paid for, that are not yielding any return, we carry on debt. Safe Harbor owns and operates 101 marinas in the U.S. with a network of nearly 40,000-member boat owners in 22 states. Sun Communities, Inc. (SUI) Southfield, MI. And then, about 20%, 25% of it is, right, we -- is the FX on the debt amount. And as we have done in the U.S. over the years, we have used our Park Holidays' footprint to opportunistically scale our presence in the U.K. And so, on the second -- my second question is how are the forward bookings trending for holiday sales -- holiday rentals in the U.K.? Additionally, we regularly evaluate our portfolio for capital recycling opportunities to enhance our long-term growth profile. We're very pleased with the performance of all. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. Lorem ipsum dolor sit, amet consectetur adipisicing elit. They're actually trending a little bit ahead of this past year, which of course, as we shared before, is great because that is the feeder for more holiday home sales and more rent paying sites. Or has something kind of shifted in the model a bit? The company, headquartered in Southfield, MI, operates communities throughout the United States and also offers RV resorts throughout the country. We have two property management companies competing in one community. 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? Insider Trading History of Gary A Shiffman . And so basically, we're just executing the plan that we set out to do. We are also providing certain guidance data points to help the investment community track Park Holidays' performance. So, it really is the feeder, if you will. 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. 5 free lookups per month. We maintain a solid relationship with our resident base, which is also our sales force. . And they look at the claims that they've paid out versus the premiums they've taken in. Technologies. 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. I will now turn it over to Fernando to discuss our financial results in more detail. Sun Communities is a real estate investment trust company and manufactured home communities and RV resorts provider. 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. First, this article will compare CEO compensation with compensation at other large companies. 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. The fourth quarter continued to show strength. | 1 maart 2023 Lorem ipsum dolor sit amet consectetur adipisicing elit. 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. Sure. Yes. Factors and risks that could cause actual results to differ materially from expectations are detailed in yesterday's press release and, from time to time, in the company's periodic filings with the SEC. Contact Us. 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. You called out $18 million increase in property-related insurance. Today, we stand at about 16% floating-rate debt. Looking for a particular Sun Communities employee's phone or email? 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. Hey, Josh, it's Gary. I think it reflects our strategic plan with management. Musks TeslaMaster Plan Lacks Drive. No credit card required. 50 followers 40 connections. Sun Communities competes in Real estate investment trust industry. I think that the majority of what we heard from the participants in the syndicate and our insurance underwriting have a graph and talks about flooding, hurricanes, freezing costs and hurricane and storm damage. He has worked as Chairman/President/CEO at SUN COMMUNITIES INC, Board Member at SUN COMMUNITIES INC, and Chairman at Bingham Financial Services Corporation. In addition, he makes $7,969,260 as Chairman of the Board at Sun Communities. Certainly with the headwinds of interest rates today, that is one big focus, Wes. As I assume my new responsibilities focusing on our MH development efforts, I look forward to supporting Bruce and the entire team. Through his hard work and dedication, he has been leading the real estate market in America. And then, you did mention potentially asset recycling. These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. Together, the two parks one in Jurupa Valley and another in Banning, accordingContinue reading One of the key factors of our business that we are able to pass on, expenses in the form of rental increases. This year marks Sun's 30th year as a public company. 1975: Milton M. Shiffman begins acquiring manufactured housing communities. Enter employee name to find & verify emails, phones, social links, etc. So curious for your thoughts there. No. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. Our next question is from the line of Josh Dennerlein with Bank of America. No. 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, things are rock-solid. My first question is on the insurance. I think it totally reflects quality, location and value of the assets in our portfolio. Every home they own was meant for demolition. The proceeds were used to repay amounts on our revolving credit facility. Gary A. Shiffman; CEO, President & Chairman; Sun Communities, Inc. John Bandini McLaren; EVP; Sun Communities, Inc. Anthony Franklin Powell; Research Analyst; Barclays Bank PLC,. Claim it and get a lot of features. He is our Chairman and Chief Executive Officer and has been a director and an executive officer since our inception in 1993. They definitely came in looking pretty strong, so just a few questions. The show will focus on global macro issues with a middle eastern context, provide expert analysis of major market moving stories and speak with the biggest newsmakers in the region. Submit a complaint and get your issue resolved. Thanks. 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. Hi, everyone. 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. Identity theft? Sun Communities has 3,146 employees, of which 5 are in a leadership position. ComplaintsBoard.com is a leading complaint resolution website on the Internet. {{ userNotificationState.getAlertCount('bell') }}. On average, Gary trades about 19,735 units every 69 days since 2003. Reagan Haynes. 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. Get contact details including emails and phone numbers 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. 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. 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. 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. 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. We prefer the stickiness of the rent over the one-time margin on the home sales. 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? Gary A. Shiffman is the CEO of Sun Communities, Inc. Demand for our manufactured housing communities and RV locations is evident in our consistently high occupancy levels, gains in revenue-producing sites and solid Same Property NOI growth. Main Telephone (248) 208-2500 Primary Address 27777 Franklin Road Suite 200 Southfield, MI 48034 USA Gary has always been deeply involved in acquisition, management, marketing, and other aspects of the business. ComplaintsBoard.com is an independent complaint resolution platform that has been successfully voicing consumer concerns since 2004. It does look like it's going down a little bit year-over-year. Required fields are marked *. . Reason #2 to Attend: Network. To find out more about what we have to offer, visit a community near you or contact us. But certainly, looking to actively manage our exposure to floating-rate debt. Thank you. 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? As we look ahead to 2023, we once again expect to deliver a year of solid Same Property growth. I mean you look at everything, whether it's earthquakes in Turkey and so forth that's impacting the cost of insurance for everybody. I know the marinas [under the] (ph) safe harbor. SUN COMMUNITIES, INC. is an Arizona Business filed on October 7, 1997. You guys are -- there's a membership program where now you can get your annual [indiscernible] at cost. Sun Communities CEO Gary Shiffman believes that clients and employees are the greatest assets of a company. 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. The stability of our operating platform is shown through in our results for the quarter and the year. 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. The second area is certainly funding the development costs so that we can generate the high returns and create value for the stakeholders by increasing our manufactured housing portfolio. Appreciate the color, Gary. During 2022, we delivered 2,000 new expansion and greenfield development sites in North America, which was at the high end of our guidance. We received an approximate 50% uplift in revenue in the first full year after conversion. There are 4 older and 13 younger executives at Sun Communities. I think from the booking pace perspective, right now, we are trending just a little bit ahead of last year, which is great. CFO at Sun Communities Southfield, Michigan, United States. Competitors. There are 4 older and 13 younger executives at Sun Communities. Contact Karen directly Join to view full profile Looking for career advice? 4.0 . Our Culture: Could you maybe go into the three deals you did in December, MH, RV, marina in terms of cap rate sourcing? Gary A Shiffman owns about 1,016,253 units of Sun Communities Inc common . So, we don't currently see those type of headwinds that you're suggesting in the marina business. 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. And if you had, let's say, a different geographic mix, would your insurance cost be more moderate this year? Gary Shiffman - Chairman, President and Chief Executive Officer John McLaren - Strategic Adviser Fernando Castro-Caratini - Chief Financial Officer Conference Call Participants Michael. Please go ahead. Looking for a particular Sun Communities employee's phone or email? Or are you perhaps pushing discounts to get the volume? We will now open the call for questions. 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. Operator? 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 can follow up, that's a very quick follow-up with you after the call. Sun Communities currently employs approximately 3,146 people. We anticipate investing roughly $200 million in our ground-up development and expansion activity. How to write a complaint about Sun Communities? All-Age Communities; Active 55+ Communities. 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. I just have a question on the service retail and dining guide. As a CEO, he manages, develops, constructs, and acquires housing communities. Yes, Wes, it's Gary. Read more Brian Hermelin Board Member C Clunet Lewis Company Overview. And he alluded to it, the rising rates is not necessarily a surprise, especially in the last few months. 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. The most active insiders traders include Gary A Shiffman, Arthur A Weiss, and Jeffrey P Jorissen. Those would be the primary reasons from that perspective. Our next question is from the line of Robyn Luu with Green Street. Please go ahead. And we will closely evaluate and continue to evaluate our exposure that is impacted by insurance as we go forward. The CEO of Sun Communities is Gary Shiffman. Thanks. Our next question is from the line of Anthony Powell with Barclays. Reason #1 to Attend: Learn. And with the addition of Park Leisure, which are really the high end of holiday vacation parks, they have a much lower percent of fleet home ownership in those 14 properties. I 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. Like is it a two-year kind of payback, three-year? Sun Communities CEO Email | Gary Shiffman Contact You can write to gshiffman@suncommunities.com to connect with the real estate investment firm's CEO. Is this your company? It's actually one that we started on in July of the second quarter. View detailed SUI description & address. This complaint was posted by a verified customer. Hard work and dedication, he & # x27 ; re very with. Phones, social links, etc your browser 2023 lorem ipsum dolor sit, amet consectetur adipisicing.... Also our sales force Shiffman begins acquiring manufactured housing plan that we on! 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