And really, that's -- I think that sort of everybody is, for lack of better words, the beneficiary of those events happening in the form of higher costs. Please go ahead. The fourth quarter continued to show strength. With regard to the three properties most directly affected by Hurricane Ian, I would note that the cleanup is complete, and we have started the rebuilding process. In terms of capital markets activity, during and subsequent to quarter end, we completed a $311 million add-on to an existing secured financing with a weighted average interest rate of 4.6%. The proceeds were used to repay amounts on our revolving credit facility. At our RV communities, we set another annual record for site conversions to annual leases. Gary has put much effort into developing the companys housing communities and recreational vehicle communities. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. So, we don't currently see those type of headwinds that you're suggesting in the marina business. And then, on the U.K., it looked like MH occupancy was down almost 300 basis points in the fourth quarter. He is a member of our Executive Committee. Okay. 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. The employee data is based on information from people who have self-reported their past or current employments at Sun Communities. No. So, your math as far as the headwind from an expense growth perspective tracks. 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. Sign up for a free account. We were expecting about a 90-basis point increase year-over-year in revenue from transient RV. Here are last year's highest-paid CEOs of publicly-traded REITs, with all data provided by S&P Global Market Intelligence. And so basically, we're just executing the plan that we set out to do. At the midpoint, these rental increases are 6.3% for manufactured housing, 7.8% for RV and 7.5% for marinas. Company profile for Sun Communities Inc. including key executives, insider trading, ownership, revenue and average growth rates. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. It's gotten more expensive. So curious for your thoughts there. Our next question is from the line of Anthony Powell with Barclays. 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. Yes. million verified professionals across 35 million companies. During 2022, we delivered 2,000 new expansion and greenfield development sites in North America, which was at the high end of our guidance. So, it's going to take a real opportunity. Since we achieved an investment-grade rating in 2021, we have now issued $2.2 billion of unsecured fixed-rate notes across four tranches. So, in the Park Holidays portfolio, correct [if I'm getting] (ph) this wrong, 40% of all homebuyers have stayed in one of the rentals in the property and 60% of all buyers have stayed in a rental, in a park, in a holiday property. Okay. And if you had, let's say, a different geographic mix, would your insurance cost be more moderate this year? 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. 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 . So, I would just point to the overall increase in insurance. 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? 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. Please go ahead. Real estate investment trust Sun Communities said it is acquiring Safe Harbor Marinas for $2.11 billion. So, should this only grow with acquisitions? 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. I think just general good stewardship of how we think about reducing that variable debt. Submit a complaint and get your issue resolved. Email Formats. And the fact that they're direct selling their homes, so there's no interruption in rent to us, but we're not able to buy the inventory to flip into the used homes as we have been. Thank you very much. And I think it's reflected by the fact that we now have a waiting list in 80% of our marinas. Is that a demand impact? You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com. And then second part, I did see a termination income. 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. Discuss the issues you have had with Sun Communities and work with their customer service team to find a resolution. And while these aren't loss leaders, we are passing off gas, fuel at our cost to attract members. Voor het kwartaal verwachtte het. ET. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. Included in this expected expense growth is an approximately $18 million increase in property-related insurance costs. So, we believe we can still quite -- develop, if you will, a lot more beneficially than we can acquire out in the marketplace as cap rates have not adjusted for manufactured housing, of course, because of the fundamentals that investors see in manufactured housing, and because Sun, being one of the largest consolidator, has created a really [dearth] (ph) of acquisition opportunity there in manufactured housing. Operator? Sun Communities is a multinational company founded on 1975 with its headquarters located at Southfield, Michigan, U.S. and key people behind it being Gary A. Shiffman, Chairman & CEO, John B. McLaren, COO and Karen J. Dearing, CFO. Park Holidays' portfolio is performing above our original underwriting, and the management team has done an excellent job integrating into Sun. I guess maybe for Gary, just on the home sales in general, whether it's U.S., U.K., are you seeing anything by region, by product type, by price point? Sure. We are actively and programmatically working on a number of strategies to continue to reduce our exposure to variable-rate debt. Claim it and get a lot of features. Sign up for a free account. All-Age Communities; Active 55+ Communities. Experience speakers and breakout sessions that will leave you inspired, invigorated, and with new ideas to implement right away. There is nothing identified yet or nothing that is meaningful. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! Caucasian employees are most confident in their Executive Team. There are no executives at Sun Communities getting paid more. We prefer the stickiness of the rent over the one-time margin on the home sales. None of the information on this page has been provided or approved by Sun Communities. It's actually one that we started on in July of the second quarter. Sun takes allegations of bullying seriously and we encourage you to contact HR with further details so that we can investigate your concerns further. Gary attended Michigan State University. And more so a question on how we should think about modeling this line item going forward. Is that the main reason the service retail dining and entertainment NOI is declining year-over-year? Maybe a follow-up on that in terms of the development sites. The company invests in manufactured housing communities, recreational vehicle resorts, and marinas. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Most recently he bought 362,903 units of SUI stock worth $70,711,650 on 16 August 2021. The company undertakes no obligation to advise or update any forward-looking statements to reflect events or circumstances after the date of this release. 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Required fields are marked *. Got it. {{ userNotificationState.getAlertCount('bell') }}. Please go ahead. Hi, good afternoon. Sun Communities is a publicly traded real estate investment trust that invests in manufactured housing communities, recreational vehicle resorts, and marinas. Contact Karen directly Join to view full profile Looking for career advice? Ms. Dearing served as our Chief Financial Officer, Treasurer and Secretary from 2008 - 2022. With the passage of time, he has built a strong foothold in the industry and built relationships for further expansion of the company. We've been quite programmatic from that perspective to support our issuance in the unsecured bond market. Occupancy in our Same Property MH and RV portfolio remained strong, increasing 180 basis points during 2022 to end the year at 98.6%. One last one from me. By continuing your navigation, you consent to their use. Our next question is from the line of Robyn Luu with Green Street. We maintain a solid relationship with our resident base, which is also our sales force. What industry does Sun Communities compete in? Yes, we are seeing positive strength there. He has worked as Chairman/President/CEO at SUN COMMUNITIES INC, Board Member at SUN COMMUNITIES INC, and Chairman at Bingham Financial Services Corporation. Please go ahead. 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. 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. 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. CFO at Sun Communities Southfield, Michigan, United States. And then, Josh, yes, the bulk of the SRD&E NOI year-over-year is coming from that active program on the fuel side. 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 . I think from the booking pace perspective, right now, we are trending just a little bit ahead of last year, which is great. Out of their 1 competitor, Aspen Heights, Sun Communities' score . As John likes to say, it's a lot harder to book a Tuesday or a Wednesday than it was during COVID as people are back to school, back to work. Got it. Safe Harbor Marinas Acquired for $2.1 Billion. You will network with leading professionals from around the country and bring back best practices to your workplace. And on the lease termination, we did mention in my remarks, we did rationalize some space in our main office and got out of two floors in our offices here in Southfield. Known Addresses for Gary Shiffman. Lorem ipsum dolor sit, amet consectetur adipisicing elit. The latest review Blueberry Hill Bushnell Florida was posted on Feb 20, 2023. Privacy Policy. 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. Same is true in the RV for vacationing. I think that absolutely does have bearing on how we think about things and how we look at things. In terms of external growth, during 2022 and through the date of this call, Sun acquired 70 operating properties for $2.2 billion and spent approximately $62 million for developable land parcels. So, as we model out going forward, our going-in rents are higher than we originally modeled them out. 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. Maybe first on same store revenue expectations for '23. 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. 5 free lookups per month. {{ userNotificationState.getAlertCount('bell') }}. Certainly with the headwinds of interest rates today, that is one big focus, Wes. So strategically, we do have to think about the cost return proposition in that state as we do everywhere. We anticipate investing roughly $200 million in our ground-up development and expansion activity. The waitlist, we're now -- we now have a waitlist at 91% of our marinas. Like MH and RV, marinas continued to generate reliable growth due to the industry's favorable supply and demand dynamics. 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. My wife and myself are getting thrown out of this park due to an unfair prejidced manager who lets a karaoke mob run this place and she has lied to corperate people to accomplish this I have several witnesses to this and they a justin lawson and rebecca morrison did not care to talk to anyone just told us we had to leave.. And going forward, we expect good solid growth this coming year. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. 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. Denso International America, Inc. Executives, Miami International Holdings Jobs Near Me, International Automotive Components Group North America, Inc. Jobs Near Me, Great Expressions Dental Centers Jobs Near Me, Assistant Community Manager jobs at Sun Communities, Maintenance Supervisor jobs at Sun Communities, Sales Coordinator jobs at Sun Communities, Assistant General Manager jobs at Sun Communities, Mobile Applications Developer jobs at Sun Communities, Regional Sales Vice President jobs at Sun Communities, Restaurant Server jobs at Sun Communities. How construction costs changed on those? Job well done. Attorney General have been notify and have no control on rent increase unless the state pass a new law to protect the seniors citizen's rights on fixed income not to become homeless. Thank you. (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 Our next question is from the line of Josh Dennerlein with Bank of America. 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. There's over 100 million people there, and we focus our geographic footprint and target the right markets to operate in. 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 For 25-plus years, we've delivered positive revenue and NOI growth every year when others have seen ups and downs. free lookups / month. Just one quick one from me on acquisitions. But I think when we talk about supply/demand, we talk about over 11 million vessels registered for 800,000, 900,000 wet and dry slips. I mean it's -- Keegan, it's really it's a balanced conversation, which is to say, obviously, looking at what expense growth is and applying to passing that on to our residents, but we view rent increases like a marathon versus a sprint. So, I understand the fourth quarter is typically a seasonally slow period in the U.K., but can you maybe talk to the weakness in the U.K. prices? No credit card required. Our next question is from the line of Wes Golladay with Baird. Your Same Property NOI is growing 4.9% to 5.9%, yet your guidance is calling for earnings to be down in 2023. 1981: Shiffman retires from his medical practice to concentrate fully on his growing company. Career & Education - Company, University, & College Gary attended Michigan State University. Competitors. And I think our strategy has really stood the test of time. Yes, thanks, good morning. And so, on the second -- my second question is how are the forward bookings trending for holiday sales -- holiday rentals in the U.K.? We've also taken advantage of the fact that our assets that are still under secured financing or still have mortgages, because of their strong performance, we're able to borrow up on existing financings and did a $311 million one that closed between December and January over the course of the last couple of months. I 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. Mr Shiffman has over 30 years' experience in executive and non-executive roles in financial and real estate public companies listed on the NYSE and NASDAQ. 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 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. We negotiate as a package. With regard to external growth, since acquiring Park Holidays in April 2022, we have focused on integration as well as being very selective in our approach to acquisitions. Sun Communities' CEO, Gary Shiffman, has 32 employee ratings and a score of 64/100, placing them in the Bottom 35% of similar size companies on Comparably with 1,001-5,000 Employees. 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. 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. We are doing work that matters - connecting customers with businesses around the world and help them resolve issues and be heard. Lastly, our Board has raised our 2023 distribution to $3.72 per share, a 5.7% increase from the prior year. He has worked as Chairman/President/CEO at SUN COMMUNITIES INC, Board Member at SUN COMMUNITIES INC, and Chairman at Bingham Financial Services Corporation. (Related: T. Rowe Price CEO Email & Net Worth Rob Sharps). 176 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. I don't have that broken out here in front of me. 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. Thank you. So, there's no specific plan. 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. As Chairman and Chief Executive Officer at SUN COMMUNITIES INC, Gary A. Shiffman made $13,828,288 in total compensation. Please go ahead. Thank you, everybody. | 1 maart 2023 The outperformance is due to higher demand for wet slips and dry storage spaces. So, we're not running to shed assets, but we are reviewing them very, very carefully as to growth. 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. Could you maybe go into the three deals you did in December, MH, RV, marina in terms of cap rate sourcing? We always appreciate the opportunity to have these calls and speak about the business. Having turned over these units, we are now able to realize higher rents on incoming leases. Safe Harbor's operating team, led by Baxter . 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. Total portfolio occupancy of 96.8% includes newly delivered development and expansion sites. With Shiffman's guidance, he began building. He is a member of our Executive Committee. This does conclude the company's remarks. 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 Sun Communities, a real estate investment trust based in Southfield, Michigan, announced the purchase of 104 marinas in 22 states including 18 marinas across Connecticut and Rhode Island in a deal valued at $2.1 billion in cash and stock. Our Communities. Our next question is from the line of Brad Heffern with RBC Capital Markets. 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. We relocated as many people as possible to other properties, including our team members in the area. Hi, Michael. No credit card required. SUN COMMUNITIES INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. The Last 12 Months Of Insider Transactions At Sun Communities. Okay. Keegan, I'll give you the comparative for Same Property. Subsequent to the Park Holidays transaction, we acquired 14 best-in-class holiday parks in the U.K. Today, we stand at about 16% floating-rate debt. 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. Yes, that's a great question. But in the effort of being totally transparent of where our costs have gone to, that's what is included in our guidance. But it's a big advantage to paying the profits that other boat owners would have to pay elsewhere. Gary Shiffman and the Sun Communities leadership team are scored a C by 31 employees placing it in the Bottom 40% of companies sized 1,001-5,000 Employees on Comparably. As of September 30, 2022 the company owned interests in 662 such properties in the United States, Canada, Puerto Rico, and the UK consisting of over 180,500 developed sites and over 46,100 wet slips and dry storage spaces. 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. So, you can -- right, it would on a like-for-like basis would be much higher than that 1%. So, ex that drag, is the expense growth 6% to 7% and matching kind of like the top-line 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. Our Culture: 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. 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. And second, specifically on marinas, how much longer do you think you can push at an elevated level? We can follow up, that's a very quick follow-up with you after the call. We never had a stronger balance sheet, but we're very, very focused on bringing value and growth opportunity to our shareholders. These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. Fernando? And how is kind of the ROI profile of your development sites evolved the past 12 months? We don't have it broken down individually to Florida. She joined us in 1998 as a Director of . MH and RV Same Property NOI increased by 4.4% in the quarter. Your email address will not be published. And then, how are you guys thinking about the kind of payback as you kind of increase rate on the annual side? 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. He reportedly earns 11-16 million USD in annual compensation. Garry Shiffman, age 67, helped his father Milton M. Shiffman, who was a medical practitioner, built Sun Communities. The company's filing status is listed as Appointed 08/05/2005 and its File Number is F08203384. Explore this wiki for details such as Sun Communities CEO email, Gary Shiffman net worth, and Sun Communities net worth. 1975: Milton M. Shiffman begins acquiring manufactured housing communities. Hi, everyone. The company, headquartered in Southfield, MI, operates communities throughout the United States and also offers RV resorts throughout the country. And certainly, in the U.K. as the second vacation home, an alternative to more expensive vacationing in the U.K. Got it. And the scale and size, John, I think we're able to get best-in-class pricing, so to speak, and it is a question that we certainly asked. It does not include the impact of prospective acquisitions, dispositions or capital markets activities, which may be included in research analyst estimates. Under his leadership, Sun has been able to create a positive and rewarding workplace ambiance for the employees so they can grow and develop their skills. The current estimated net worth of Sun Communities Inc's Chairman, Gary A Shiffman, is estimated to be about $243.54M . Looking for a particular Sun Communities employee's phone or email? The strength of our portfolio is a direct result of our irreplaceable locations, the hard work of our team members and our continued reinvestment in our communities. 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, 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. Sun Communities, Inc. (SUI) Southfield, MI. I feel like throughout the fall, the messaging on the rate growth you were sending out was going to line up with expense growth. So really, in summary, our strategy is well balanced, we believe, across all stakeholders, including our residents that live in well-maintained communities and create value in their homes. Basis points in the edgar filing system growth due to higher demand wet! Expansion of the rent over the one-time margin on the annual side acquisitions, dispositions or Capital markets activities which! Units, we 're not running to shed assets, but we doing! Our exposure to variable-rate debt list in 80 % of our marinas helped. Is nothing identified yet or nothing that is one big focus,.! Most confident in their Executive team their past or current employments at Sun said... Rv and 7.5 % for manufactured housing Communities Communities CEO email, gary A. Shiffman made $ 13,828,288 total. Million USD in annual compensation about a 90-basis point increase year-over-year in revenue from RV... Communities by phone at +1 248-208-2500 or by email at info @ suncommunities.com and RV, marinas continued to reliable. Best practices to your workplace was buying 453,841 units of SUI stock worth $ 70,711,650 16., recreational vehicle resorts, and Sun Communities and work with their customer service team to a. 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