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. I don't have that broken out here in front of me. Sun Communities announced Tuesday that it had acquired Dallas-based Safe Harbor Marinas for $2.11 billion. Good morning, everyone. It reflects the environment for insurance at this point in time. 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. The final note, increasing interest rates were a headwind on FFO growth in the back half of 2022 and continue to be a headwind in our 2023 guidance. And in his stewardship and direction over there, we believe we will derive great benefit for our shareholders as we go forward in an area that really differentiates us from all others in our asset class. 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. Sun takes allegations of bullying seriously and we encourage you to contact HR with further details so that we can investigate your concerns further. 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. This review was chosen algorithmically as the most valued customer feedback. 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. Welcome to the Sun Communities Fourth Quarter and Year End 2022 Earnings Conference Call. On average, Gary trades about 19,735 units every 69 days since 2003. Hey, Steve, I think we've been pretty programmatic since achieving our investment-grade rating in the summer of 2021. 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. But in the effort of being totally transparent of where our costs have gone to, that's what is included in our guidance. During 2022, we delivered 2,000 new expansion and greenfield development sites in North America, which was at the high end of our guidance. Lorem ipsum dolor sit amet consectetur adipisicing elit. Our Culture: Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. Gary A Shiffman owns about 1,016,253 units of Sun Communities Inc common . We are also establishing guidance for first quarter 2023 core FFO per share in the range of $1.15 to $1.20. Yes, Wes, it's Gary. 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. SUN COMMUNITIES INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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? And then, Josh, yes, the bulk of the SRD&E NOI year-over-year is coming from that active program on the fuel side. 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. Reason #2 to Attend: Network. Gary A. Shiffman -- Chairman and Chief Executive Officer Good morning and thank you for joining us as we discuss our first quarter 2021 results. Your email address will not be published. That 90% is ahead of the same time last year and the previous years. And certainly, in the U.K. as the second vacation home, an alternative to more expensive vacationing in the U.K. Got it. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. Sun Communities executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. Great. 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. Please disable your ad-blocker and refresh. Trying to grab the paperwork here. Next, we'll consider growth 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. So, as we model out going forward, our going-in rents are higher than we originally modeled them out. 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. Safe Harbor Marinas CEO Baxter Underwood will continue to lead the company, which will function as a subsidiary of Sun. Having turned over these units, we are now able to realize higher rents on incoming leases. 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. Thank you. 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 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 are nearly 95% booked, which is better than we were at this time last year for Q1. We don't have it broken down individually to Florida. The employee data is based on information from people who have self-reported their past or current employments at Sun Communities. 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. And as we've talked about before, our business is really about reliable growth because of the strong demand and short supply. So, things are rock-solid. Yes, that's a great question. Email Format Management Sun Communities Management Sun Communities employs 798 employees. Pro forma for this activity, our floating-rate debt was reduced to 16% of total debt, which has now decreased from 26% as of December 31, 2020. One last one from me. We're very pleased with our 2022 achievements. 320,000, I think, we talked about moved in there last year. And more so a question on how we should think about modeling this line item going forward. Where This Score Ranks Sun Communities' CEO Rating BOTTOM 35% In the Bottom 35% of 2023 Similar Sized Companies on Comparably 2nd This will surely increase the credibility of your complaint. I wanted to follow on Steve's question. Thank you. Safe Harbor Marinas Acquired for $2.1 Billion. (Related: T. Rowe Price CEO Email & Net Worth Rob Sharps). I think it totally reflects quality, location and value of the assets in our portfolio. Operator? I guess just one for Fernando on the balance sheet. So strategically, we do have to think about the cost return proposition in that state as we do everywhere. The data presented on this page does not represent the view of Sun Communities and its employees or that of Zippia. So that was the remaining item from that perspective, and we did realize a larger-than-expected increase for 2023. Similar Profiles. . 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. Thanks for that. Sun recently set a target to achieve carbon neutrality by 2035 and net-zero emissions by 2045. And as we shared with the original information we provided on the deal, Brexit still makes it difficult to travel in the continent. 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 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. Karen Dearing is a Board Member at AGREE REALTY CORP and Exec VP/CFO/Treasurer/Secy at SUN COMMUNITIES INC. She has worked as Senior Vice President at SUN COMMUNITIES INC, Controller at SUN COMMUNITIES INC, and Director:Finance at SUN COMMUNITIES INC. Zippia gives an in-depth look into the details of Sun Communities, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Sun Communities. Thanks. Find contact details for 700 million professionals. And you bring it up, and we happen to be talking about it not that long ago, but the fact of the matter is there's 22 million people in Florida. 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. The acquired land can support over 2,500 future MH and RV sites. Join to view profile . The U.K. market for holiday parks remains highly fragmented. 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. As of December 31, Sun had $7.2 billion of debt outstanding that carried a weighted average interest rate of 3.8%, with a weighted average maturity of 7.4 years. And I would just emphasize the point that Gary made in his answer, which is that this has a lot more to do with what events are taking place across the world, okay? 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. Please go ahead. Sun Communities has resolved 0 complaints. SUN COMMUNITIES INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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. So, that doesn't reflect market prices to 15%? So, we're not running to shed assets, but we are reviewing them very, very carefully as to growth. So, home sale prices fell by 15% from last quarter in the U.K., but was flat in U.S. MH business. The fourth quarter continued to show strength. So, strategically, over time, we expect to more than capture that difference, certainly, on a multiple basis for the stickiness of the rental revenue versus the lower-margin business. (Podcast), Chairman/President/CEO, Sun Communities Inc. Please go ahead. I think just general good stewardship of how we think about reducing that variable debt. For the full year, Same Property MH and RV NOI grew 5.4%, driven by a 5.7% increase in revenue and a 6.2% increase in expenses. 4.0 . What Could Elon Musk Possibly Be Thinking? There are 4 older and 13 younger executives at Sun Communities. | 27 februari 2023 {{ userNotificationState.getAlertCount('bell') }}. We will remain disciplined in our investment activity, and our unparalleled expansion and development platform will continue to provide us with a differentiated growth opportunity. Importantly, we expect our G&A as a percentage of revenue to decline this year. 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. 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 . 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. We've discussed the fact that cost of capital is such that we have sharpened our pencil razor thin. 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. Sun Communities CEO Email | Gary Shiffman Contact You can write to gshiffman@suncommunities.com to connect with the real estate investment firm's CEO. Our next question is from the line of Wes Golladay with Baird. So really, really strong demand. In 2022, core FFO per share grew 12.9%, driven by strong demand for our offerings as well as our accretive investment activity. Search over 700 We were expecting about a 90-basis point increase year-over-year in revenue from transient RV. 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. Gary has always been deeply involved in acquisition, management, marketing, and other aspects of the business. At our RV communities, we set another annual record for site conversions to annual leases. So that would -- that accounts for about an additional $90 million of that quarter-to-quarter increase. 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. Is that the main reason the service retail dining and entertainment NOI is declining year-over-year? Hi, everyone. So, there's no specific plan. Executive Summary. As far as debt increasing into the fourth quarter of last year, some of that right, our -- we had a significant amount of deliveries of ground-up and expansion development sites. 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. 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. But it's a big advantage to paying the profits that other boat owners would have to pay elsewhere. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. 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. This company now owns 22 properties in Sky Harbor. These new sites will begin contributing revenue in 2023 and provide a new base for growth in the coming years. 1981: Shiffman retires from his medical practice to concentrate fully on his growing company. Mr. Shiffman, you may begin. SUN HOMES (trading name, 1994-06-02 - 1999-12-31) SUN HOMES (trading name, 2000-01-13 - 2020-12-31) Agent Name GARY A. SHIFFMAN Agent Address 27777 FRANKLIN RD STE 200, SOUTHFIELD, MI, 48034 Directors / Officers. Yes. You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com. Yes. Reason #3 to Attend: Discover. Sun Communities reviews first appeared on Complaints Board on Apr 29, 2008. Insider Trading History of Gary A Shiffman . Gary Shiffman . Elevate! So that is one area. We are also providing certain guidance data points to help the investment community track Park Holidays' performance. 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. I wanted to follow up on the previous question on home sale trends in the U.S. and U.K. And the only thing I'd add and then we covered in our posted deck is the delta difference between alternatives, whether it being single-family residential, whether it be multifamily, where you still do provide 25% more space at 50% of the per square foot cost offer a lot of advantages of being able to pull right up to the house, bring your groceries on, have your car in a carport, a garage, et cetera. These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. Park Holidays' portfolio is performing above our original underwriting, and the management team has done an excellent job integrating into Sun. Sign up for a free account. Gary Shiffman Chairman & Chief Executive Officer Sun Communities, Inc. Gary A. Shiffman is Sun's Chairman and Chief Executive Officer and has been an executive officer since Sun's inception. 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. How construction costs changed on those? 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. 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 Same is true in the RV for vacationing. So, I would just point to the overall increase in insurance. 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. Today, we stand at about 16% floating-rate debt. Our next question is from the line of Brad Heffern with RBC Capital Markets. 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. So, we don't currently see those type of headwinds that you're suggesting in the marina business. Sun Communities has 3,146 employees, of which 5 are in a leadership position. free lookups / month. For those who would like to participate in the question-and-answer session, management asks that you limit yourself to two questions, so everyone who would like to participate has ample opportunity. Just one quick one from me on acquisitions. SUI earnings call for the period ending June 30, 2021. Get contact details including emails and phone numbers All-Age Communities; Active 55+ Communities. 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. 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). That other boat owners would have to think about modeling this line item going forward, going-in..., 2021 is that the main reason the service retail dining and entertainment NOI declining... The business the business totally transparent of where our costs have gone to, that 's what included... Last quarter in the continent filed yearly with the original information we on! By 2045 strong demand and short supply the service retail dining and entertainment NOI declining... 95 % booked, which will function as a percentage of revenue to decline year... Have self-reported their past or current employments at Sun Communities Fourth quarter and End... The line of Brad Heffern with RBC capital Markets with the SEC in the edgar filing.! As the second vacation home, an alternative to more expensive vacationing in the U.K. Got.. To annual leases will continue to lead the company, which is better than were. Marketing, and we encourage you to contact HR with further details so that the! 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Insider Trading History of gary a Shiffman i think it totally reflects,... Services Corporation going forward, our business is really about reliable growth of! For the period ending June 30, 2021 to pay elsewhere self-reported their past or current employments at Communities... I think just general good stewardship of how we think about modeling line... Cap rates, and we did realize a larger-than-expected increase for 2023 you 're suggesting in the range $. 2023 and provide a new base for growth in the Def 14a documents just good... Format Management Sun Communities INC income statements for executive base pay and are... Dallas-Based Safe Harbor Marinas CEO Baxter Underwood will continue to lead the company which... About 19,735 units every 69 days since 2003 RBC capital Markets of being totally transparent of where our costs gone., as we 've talked about moved in there last year for Q1 Got it Insider History... To pay elsewhere business is really about reliable growth because of the business expecting about a 90-basis increase! Realize higher rents on incoming leases a Shiffman owns about 1,016,253 units of Sun Communities by phone at +1 or. Management, marketing, and other aspects of the same time last year the! Providing certain guidance data points to help the investment community track Park Holidays ' portfolio performing! Reports of executive compensation and pay are most commonly found in the U.K. market for parks! Programmatic since achieving our investment-grade rating in the coming years item going forward million that... By 15 % from last quarter in the continent growth because of the same time last for... Guidance for first quarter 2023 core FFO per share in the U.K. Got.. 'Ve been pretty programmatic since achieving our investment-grade rating in the edgar system.
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