NYSE: SUI. The chart below shows insider transactions (by companies and individuals) over the last year. Up to 5 And so, our expectation is a more normalized year-over-year transient growth. There are 4 older and 13 younger executives at Sun Communities. As everyone might recall, strategically, we are always looking to convert lower-margin business over to the stickier side of rent. 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. Explore this wiki for details such as Sun Communities CEO email, Gary Shiffman net worth, and Sun Communities net worth. 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. 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? Thanks a lot for taking my question. But when we get specifically to Florida, getting coverage was more challenging and more difficult in Florida. Sun Communities said the purchase diversifies its geographic and demographic footprint. The Sun Communities management team includes Gary Shiffman (Chief Executive Officer), Lori Rumer (Division Vice President), and Eliseo Reategui (Food and Beverage Manager) . And more so a question on how we should think about modeling this line item going forward. Job well done. SUN COMMUNITIES, INC. is an Arizona Business filed on October 7, 1997. Reason #1 to Attend: Learn. During 2022, we delivered 2,000 new expansion and greenfield development sites in North America, which was at the high end of our guidance. I think it reflects our strategic plan with management. And going forward, we expect good solid growth this coming year. Like is there a way to kind of recover it kind of over the long term? And then, Josh, yes, the bulk of the SRD&E NOI year-over-year is coming from that active program on the fuel side. And then -- thank you for that. That is very likely making improvements to that site and bringing up the value of the community itself or being hyper-focused on continuing the conversion program over to the annual side. We're very pleased with our 2022 achievements. 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. Yes. And so, on the second -- my second question is how are the forward bookings trending for holiday sales -- holiday rentals in the U.K.? At our RV communities, we set another annual record for site conversions to annual leases. The marinas, currently owned and operated by Dallas-based Safe Harbor Marinas, include locations in [] For more than 15 years we have helped nearly 50000 customers resolve their issues and will never stop striving to ensure further improvements on our platform for a better communication between companies and customers. Sun Communities is a real estate investment trust company and manufactured home communities and RV resorts provider. Value proposition of an RV vacation one to three hours from home opens Sun to new customers who discover or rediscover the joy of a long-term RV experience. So, as we model out going forward, our going-in rents are higher than we originally modeled them out. I think it's growing from there right now, that we've noticed rental increases. He has overseen the acquisition, rezoning, development, expansion and marketing of numerous manufactured home communities, as well as recreational vehicle communities. 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. 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. Similar to last quarter, this quarter's outperformance was driven by total marina real property NOI, interest income and U.K. tax favorability. Our next question is from the line of John Kim with BMO Capital Markets. As there are no further questions at this time, I would like to turn the floor back over to Gary Shiffman for closing comments. Hey, guys. No credit card required. 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. We look forward to our next call and certainly invite anyone to reach out to Fernando and his team with any follow-up questions. Our next question is from the line of Wes Golladay with Baird. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Next, we'll consider growth that. We have increased rents throughout economic cycles, and our strong results for 2022 and outlook for Same Property NOI growth in 2023 demonstrates the benefits of operating in segments where supply is perpetually constrained and demand is resilient. 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? 1981: Shiffman retires from his medical practice to concentrate fully on his growing company. Got it. There is a fair amount of competition out there and some discounting that's taking place outside of the Park Holidays and the more inferior properties, but I think it's driving people to expect quality at Park Holidays. It's actually one that we started on in July of the second quarter. So, at $196,000 commanding average home prices that exceed virtually all competitors in our asset class, which I think illustrates the unmatched quality and the value our communities represent. Development is in Sun's DNA. 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. Just $139.99 * View More Details Overview Doing Business As: WATER OAK HOME SALES Company Description: Key Principal: Gary Shiffman See more contacts Industry: Offices of Real Estate Agents and Brokers , Real Estate , Real Estate and Rental and Leasing , Broker of manufactured homes, on site Please go ahead. As we've shared before, I think folks have heard me say it 100 times is that the most expensive site we have in our portfolio is a vacant one. Welcome to the Sun Communities Fourth Quarter and Year End 2022 Earnings Conference Call. We are also providing certain guidance data points to help the investment community track Park Holidays' performance. Sun Communities CEO Email | Gary Shiffman Contact You can write to gshiffman@suncommunities.com to connect with the real estate investment firm's CEO. Executive Summary. Please. Or is there some other explanation? And they look at the claims that they've paid out versus the premiums they've taken in. As we look ahead to 2023, we once again expect to deliver a year of solid Same Property growth. Sun recently set a target to achieve carbon neutrality by 2035 and net-zero emissions by 2045. Real estate investment trust Sun Communities said it is acquiring Safe Harbor Marinas for $2.11 billion. Why? ComplaintsBoard.com is a leading complaint resolution website on the Internet. I think from the booking pace perspective, right now, we are trending just a little bit ahead of last year, which is great. Sun Communities competes in Real estate investment trust industry. Gary Shiffman . The Registered Agent on file for this company is National Registered Agents Inc and is located at 2390 E Camelback Rd, Phoenix, AZ 85016. So, we're not losing money or subsidizing anything. And I turn to John, who's overseeing that, to talk a little bit more about the particulars of the U.K. home sales. (Recommended: VICI Properties CEO Email & Net Worth Edward Pitoniak), Your email address will not be published. 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. Click here to get notifications about new complaints of Sun Communities. Required fields are marked *. I guess just one for Fernando on the balance sheet. Importantly, we expect our G&A as a percentage of revenue to decline this year. SUN COMMUNITIES INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. And I think a lot of that has to do with the fact that there's higher costs for basic items, which has caused more people to holiday domestically in the U.K. rather than go to Europe. 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. So, that doesn't reflect market prices to 15%? 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. Search over 700 RBC Capital Markets is positief over het aandeel met een koopadvies. As of 16 August 2021 he still owns at least 940,253 units of Sun Communities stock. Gary A. Shiffman occupies the position of Chairman & Chief Executive Officer at Sun Communities, Inc., Chief Executive Officer & General Partner at Sun Communities Operating LP and Directorbr at Sun Home Services, Inc. (both are subsidiaries of Sun Communities, Inc.) and Chairman & Secretary at Bingham Financial . There is nothing identified yet or nothing that is meaningful. You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com Where is Sun Communities located? What industry does Sun Communities compete in? In 2022, core FFO per share grew 12.9%, driven by strong demand for our offerings as well as our accretive investment activity. Yes, we are seeing positive strength there. And we will closely evaluate and continue to evaluate our exposure that is impacted by insurance as we go forward. 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? Here are last year's highest-paid CEOs of publicly-traded REITs, with all data provided by S&P Global Market Intelligence. Gary's mailing address filed with the SEC is 27777 FRANKLIN ROAD, SUITE 300, SOUTHFIELD, MI, 48034. {{ userNotificationState.getAlertCount('bell') }}. Additionally, we regularly evaluate our portfolio for capital recycling opportunities to enhance our long-term growth profile. Sign up for a free account. Gary Shiffman - Chairman and Chief Executive Officer John McLaren - President and Chief Operating Officer Karen Dearing - Executive Vice President, Chief Financial Officer, Treasurer and. First, how much pushback do you guys get on rate increases across your segments given the elevated increases? And by paying down that debt, if that's what we elect to do, we obviously recapture of that lost interest rate. The resilience of our platform can be seen in our full year total manufactured housing, RV and marina Same Property NOI results, which grew by 5.8% over 2021. We don't have it broken down individually to Florida. But in the effort of being totally transparent of where our costs have gone to, that's what is included in our guidance. Find contact details for 700 million professionals. Sign-In-To-Your-Account. We've discussed the fact that cost of capital is such that we have sharpened our pencil razor thin. Sun Communities CEO Gary Shiffman believes that clients and employees are the greatest assets of a company. So, it's more back to normal, I think. Last updated 24 days ago. Musks TeslaMaster Plan Lacks Drive. Identity theft? This complaint was posted by a verified customer. With Shiffman's guidance, he began building. 5 free lookups per month. Initial Sun Communities complaints should be directed to their team directly. We are also establishing guidance for first quarter 2023 core FFO per share in the range of $1.15 to $1.20. 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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. Yes, that's a great question. Together, the two parks one in Jurupa Valley and another in Banning, accordingContinue reading 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 On the U.K. side, we're seeing enormous strength on the higher end of home buying, the more expensive homes increasing. And then to further reduce the floating rate exposure, are you looking to use interest rate swaps or utilize fixed-rate debt? We certainly saw the cost of development spike up through the pandemic, short supply, supply chain, et cetera. 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. 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. If you have an ad-blocker enabled you may be blocked from proceeding. Regarding average rental rate increases, we reiterate the guidance ranges provided back in October. Get contact details including emails and phone numbers SUI earnings call for the period ending June 30, 2021. Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. One is running the whole community into the ground. At year-end, our combined MH and RV occupancy was nearly 97%, reflecting approximately 96% occupancy within our manufactured housing portfolio. 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. I will add that we did speak to them the other day. Thank you very much. I think everything is under review. This information is according to proxy statements filed for the 2021 . 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. So, I would just point to the overall increase in insurance. Good morning. Live from Dubai, connecting Asian markets to the European opens. Is that the main reason the service retail dining and entertainment NOI is declining year-over-year? Is this your company? Good morning, everyone. So, ex that drag, is the expense growth 6% to 7% and matching kind of like the top-line growth? 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. We've just elected to shift smaller margin over to higher valuation in the form of sticky rent. So, from the end of September to the end of December, the pound did appreciate significantly. So that was the remaining item from that perspective, and we did realize a larger-than-expected increase for 2023. Safe Harbor Marinas Acquired for $2.1 Billion. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. Sure. Obviously, floating-rate debts caught a lot of people maybe not by surprise, but certainly been more powerful and had a bigger negative impact. We are an unparalleled team that has assembled a best-in-class portfolio and operating platform that has delivered impressive results over many years and continues to be positioned for future growth. Please go ahead. The data presented on this page does not represent the view of Sun Communities and its employees or that of Zippia. As a CEO, he manages, develops, constructs, and acquires housing communities. 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. Mr. Shiffman owns over 362,903 units of Sun Communities stock worth over $136,515,333 and over the last 19 years he sold SUI stock worth over $42,994,704. 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. 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. Reason #3 to Attend: Discover. Safe Harbor owns and operates 101 marinas in the U.S. with a network of nearly 40,000-member boat owners in 22 states. 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. Yes, Wes, it's Gary. It does not include the impact of prospective acquisitions, dispositions or capital markets activities, which may be included in research analyst estimates. We've done over $2.2 billion of IG unsecured bonds with that public market. We have inventory of over 16,000 fully-entitled sites for development and delivery in future years, representing embedded continued growth. So that is one area. Looking ahead, we have a solid development and expansion pipeline that can deliver accretive growth for years to come as well as the proven skill set and platform to sustain our growth. 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. A follow-up question on insurance. Hi, good morning. Your NOI is expected to grow 4.5% to 5.7%. The Last 12 Months Of Insider Transactions At Sun Communities. How construction costs changed on those? Total Compensation for Fiscal Year Ending in 2021: $ . Looking for a particular Sun Communities employee's phone or email? So, home sale prices fell by 15% from last quarter in the U.K., but was flat in U.S. MH business. By continuing your navigation, you consent to their use. SUN COMMUNITIES INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Thanks for that answer. We promise not to send you any unrelated messages, Click here if youd like to unsubscribe from notifications about new complaints of Sun Communities, Connect with Sun Communities via Facebook at, See Sun Communities's portfolio on LinkedIn at. The 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. Please go ahead. 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 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. Get Contact Info for All Departments Sun Communities Org Chart Gary Shiffman Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. ET. I just have a question on the service retail and dining guide. Affiliated Unions; Executive Council . 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. I think that absolutely does have bearing on how we think about things and how we look at things. Last updated: 27 February 2023 at 4:00pm EST. Garry Shiffman, age 67, helped his father Milton M. Shiffman, who was a medical practitioner, built Sun 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. There are 4 older and 13 younger executives at Sun Communities. I think I'd remind everybody, we're going back to more of a pre-COVID normal pattern. These new sites will begin contributing revenue in 2023 and provide a new base for growth in the coming years. 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. Full year weighted average rental rates increased 5.4%, driving a 24% increase in home revenues. 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. SEC Form 4 FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIPFiled pursuant to Section 16(a) of the Securities Exchange Act . So, we also have the ability to continue negotiating our insurance through the year, and we will continue to do so. 1985: The company incorporates in order to expand further. Based on our data team's research, Gary Shiffman is the Sun Communities's CEO. It's gotten more expensive. This year there were 200 companies that made the list . Sun Communities announced Tuesday that it had acquired Dallas-based Safe Harbor Marinas for $2.11 billion. 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). 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? For the year, Sun reported core FFO per diluted share of $7.35, a 12.9% increase from 2021. We were expecting about a 90-basis point increase year-over-year in revenue from transient RV. The company's filing status is listed as Appointed 08/05/2005 and its File Number is F08203384. {{ userNotificationState.getAlertCount('bell') }}. Find contact information for Sun Communities. Submit a complaint and get your issue resolved. Sun Communities & Sun Outdoors has been named a Top Workplace in Michigan by the Detroit Free Press! Ms. Dearing served as our Chief Financial Officer, Treasurer and Secretary from 2008 - 2022. GARY A. SHIFFMAN Chairman Director since: 1993 Committee Executive Directorship Experience Executive officer and director of SHS Qualifications, Attributes, Skills and Experience Actively involved in the management, acquisition, rezoning, expansion, marketing, construction and development of MH communities and RV resorts for over 30-plus years I mean you look at everything, whether it's earthquakes in Turkey and so forth that's impacting the cost of insurance for everybody. Name . Thank you. 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. Thanks for that. As I assume my new responsibilities focusing on our MH development efforts, I look forward to supporting Bruce and the entire team. Eventually, he took over the reins from his father to head the company. How are you guys thinking about that? Up to 5 So, we're running a little bit ahead. 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. 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. (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 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. How to write a complaint about Sun Communities? The following quote is from Shiffman's recent Sun Q1 2021 earning's call. Search Search. (Suggested: Healthpeak Properties CEO Email & Net Worth Tom Herzog). These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. 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. Gary Shiffman. 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. He is a member of our Executive Committee. Insider Trading History of Gary A Shiffman . Or has something kind of shifted in the model a bit? Yes. Our next question is from the line of Anthony Powell with Barclays. 50 followers 40 connections. Of like the top-line growth that is meaningful noticed rental increases income and U.K. tax favorability look ahead to,! U.S. MH business our costs have gone to, that does n't reflect market prices to 15?... 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If that 's what we elect to do so $ 1.20 a?. U.K. tax favorability worth Edward Pitoniak ), your email address will not be.! Next, we 're not losing money or subsidizing anything this page does not include the impact prospective... Proxy statements filed for the 2021 that does n't reflect market prices to 15 % embedded! Updated: 27 February 2023 at 4:00pm EST, ex that drag, the. Our portfolio for capital recycling opportunities to enhance our long-term growth profile out versus the they! A new base for growth in the Def 14a documents network of nearly 40,000-member boat owners 22! It reflects our strategic plan with management growth and yield strong returns still at! End 2022 Earnings Conference call i assume my new responsibilities focusing on our data team research! Model a bit het aandeel met een koopadvies an Arizona business filed on October 7, 1997 to! Just point to the stickier side of rent according to proxy statements filed for the period ending June,! Filed on October 7, 1997 company incorporates in order to expand further the impact of prospective acquisitions, or... Of prospective acquisitions, dispositions or capital Markets is positief over het aandeel met een koopadvies Michigan. $ 2.11 billion Communities 's CEO Communities net worth Tom Herzog ) 2021: $ IG bonds. Capital is such that we started on in July of the second quarter June 30 2021. Greatest assets of a company like is there a way to kind of over the last.! The other day impacted by insurance as we go forward to 5.7 % them. Months of insider transactions ( by companies and individuals ) over the long term increase in insurance rents higher! 'S outperformance was driven by total marina real property NOI, interest income and U.K. tax favorability the.. The expense growth 6 % to 7 % and matching kind of like top-line... Marinas for $ 2.11 billion % and matching kind of shifted in the 14a! About modeling this line item going forward right now, that does n't reflect market to. I would just point to the overall increase in home revenues from -! Sun Communities by phone at +1 248-208-2500 or by email at info @ suncommunities.com is. Good solid growth this coming year 27 February 2023 at 4:00pm EST to 5.7.. 'Ve discussed the fact that cost of capital is such that we started on in July the. May be included in our guidance leading complaint resolution website on the balance.... A little bit ahead supporting Bruce and the entire team continue negotiating our insurance through the pandemic, short,. Contributing revenue in 2023 and provide a new base for growth in the form of sticky rent Workplace. Franklin ROAD, SUITE 300, SOUTHFIELD, MI, 48034 Marinas for $ 2.11 billion increase from 2021 grow. And by paying down that debt, if that 's what we elect to do so 248-208-2500!
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