sun communities inc sun communities sun communities - inc sun communities inc sun properties sun properties - inc Sun Communities Global Presence Search All Employees Sun Communities CEO 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. 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. Regarding average rental rate increases, we reiterate the guidance ranges provided back in October. I mean you look at everything, whether it's earthquakes in Turkey and so forth that's impacting the cost of insurance for everybody. . Since we achieved an investment-grade rating in 2021, we have now issued $2.2 billion of unsecured fixed-rate notes across four tranches. We can follow up, that's a very quick follow-up with you after the call. Yes. We have two property management companies competing in one community. Looking for a particular Sun Communities employee's phone or email? We relocated as many people as possible to other properties, including our team members in the area. It is more cost effective in picking up that 50% increase on a per site basis for the first year, and about 7.5% conversions last year of our transient to annual. 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. Mr. Shiffman is an executive officer and a director of SHS and all of our other corporate subsidiaries. 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. And so, it's something that we watch and talk about very closely as we think about what increases and how we can push further on both MH and RV. Okay. So that was the remaining item from that perspective, and we did realize a larger-than-expected increase for 2023. Got it. He has overseen the acquisition, rezoning, development, expansion and marketing of numerous manufactured home communities, as well as recreational vehicle communities. Our U.K. operations are included in our guidance for total NOI. Thank you. Gary Shiffman . 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. Our Communities. And how is kind of the ROI profile of your development sites evolved the past 12 months? 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. 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. 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. Thanks. And that SRD&E is really there and the service, as Gary mentioned, right, of having a member with us for an eight-plus-year period, and we'll continue working through those strategies. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. That is an increase of about 300 basis points over 2022. Ms. Dearing served as our Chief Financial Officer, Treasurer and Secretary from 2008 - 2022. I'd like to thank all of our Sun team members who contributed extraordinary efforts to our collective success. 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 Brad Heffern with RBC Capital Markets. 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. No credit card required. Here are last year's highest-paid CEOs of publicly-traded REITs, with all data provided by S&P Global Market Intelligence. Live from Dubai, connecting Asian markets to the European opens. He has been actively involved in the management, acquisition, construction and development of manufactured housing communities and has developed an extensive network of industry relationships over the past thirty years. The most recent stock trade was executed by Clunet R Lewis on 27 February 2023, trading 1,500 units of SUI stock currently worth $222,765. 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. We don't have it broken down individually to Florida. . So, you will continue to see an emphasis on that strategy as we go forward. Elevate! 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. How are you guys thinking about that? Importantly, we expect our G&A as a percentage of revenue to decline this year. One is running the whole community into the ground. For the year, Sun reported core FFO per diluted share of $7.35, a 12.9% increase from 2021. Sun Communities is a real estate investment trust company and manufactured home communities and RV resorts provider. Sign up for a free account. We are also establishing guidance for first quarter 2023 core FFO per share in the range of $1.15 to $1.20. People are still positive about experiencing that outdoor vacation. No. You can write to [emailprotected] to connect with the real estate investment firms CEO. million verified professionals across 35 million companies. 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. And I would remind the market, we have very manageable maturities, no looming towers over the course of the next couple of years. Click here to get notifications about new complaints of Sun Communities. Read more Brian Hermelin Board Member C Clunet Lewis Garry Shiffman, age 67, helped his father Milton M. Shiffman, who was a medical practitioner, built Sun Communities. And so basically, we're just executing the plan that we set out to do. Despite the high inflation environment, for 2023, we expect G&A expense to run between $256 million and $262 million, which equates to minimal growth over 2022 at the midpoint. SUN COMMUNITIES, INC. is an Arizona Business filed on October 7, 1997. Is this your company? (business & personal). There are 4 older and 13 younger executives at Sun Communities. Bloomberg Daybreak Middle East. New home sales are up. (Podcast), Chairman/President/CEO, Sun Communities Inc. Those would be the primary reasons from that perspective. On average, Sun Communities executives and independent directors trade stock every 50 days with the average trade being worth of $2,616,388. 1975: Milton M. Shiffman begins acquiring manufactured housing communities. So, our expectation is that we will pass-through these costs through rental increases as we go forward because they're part of our operating business. We continue to evaluate parts of our portfolio where we think we can redeploy the capital with greater growth. Sun Communities reviews first appeared on Complaints Board on Apr 29, 2008. And I'll let John talk really about a 40-year history of manufactured housing. Gary Shiffman bought 364.42k shares over the last 12 months at an average price of US$195. Gary A. Shiffman. We feel it's definitely recoverable. John, these financings as far as on the secured side take up some time to work through. Turning to guidance for 2023. On average, Gary trades about 19,735 units every 69 days since 2003. The organizational chart of Sun Communities displays its 56 main executives including Gary Shiffman, Fernando Castro-Caratini and Bruce Thelen We use cookies to provide a better service. Additionally, we regularly evaluate our portfolio for capital recycling opportunities to enhance our long-term growth profile. What industry does Sun Communities compete in? 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. Our next question is from the line of Robyn Luu with Green Street. This documentary-style series follows investigative journalists as they uncover the truth. Search over 700 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. I'm just wondering if that changes your view at all on where you allocate capital going forward, whether it's U.K., Midwest or some other markets where it may alleviate some of these factors. He has been actively involved in the management, acquisition, construction and development of MH communities and has developed an extensive network of industry relationships over the past twenty years. Sun Communities said the purchase diversifies its geographic and demographic footprint. Hi, good morning. | 27 februari 2023 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 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. Gary Shiffman About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form. There are no executives at Sun Communities getting paid more. 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. I'll now turn the call over to Gary Shiffman, Chairman, President and Chief Executive Officer. This does conclude the company's remarks. And more so a question on how we should think about modeling this line item going forward. Fernando? 4.9% growth in revenues reflected a 5% increase in weighted average monthly rent and a 180-basis point occupancy gain. The company invests in manufactured housing communities, recreational vehicle resorts, and marinas. Please go ahead. Executive Summary. The oldest executive at Sun Communities, Inc. is Clunet Lewis, 73, who is the Lead Independent Director. Gary's mailing address filed with the SEC is 27777 FRANKLIN ROAD, SUITE 300, SOUTHFIELD, MI, 48034. Mr Shiffman is currently Chairman and Chief Executive Officer of Sun Communities, Inc. (NYSE:SUI) Mr Shiffman has . I think just general good stewardship of how we think about reducing that variable debt. Is that seasonal? We have built our culture around a simple customer service philosophy: The Golden Rule. Or are you perhaps pushing discounts to get the volume? Thank you. 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. So, we're not losing money or subsidizing anything. And then, about 20%, 25% of it is, right, we -- is the FX on the debt amount. We're very pleased with the performance of all. 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. 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. Caucasian employees are most confident in their Executive Team. Like is it a two-year kind of payback, three-year? We are doing work that matters - connecting customers with businesses around the world and help them resolve issues and be heard. Every home they own was meant for demolition. Full year transient Same Property RV revenues grew by 3.1%, reflecting an average rate of growth of 14.1%, despite an almost 10% reduction in available site nights from the strategic conversion of transient sites to annual leases. Included in this expected expense growth is an approximately $18 million increase in property-related insurance costs. 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 then, my second question is just on the flow-through of the NOI growth. We continue to deliver long-term cash flow stability. Yes. Get contact details including emails and phone numbers Hey, guys. I don't have that broken out here in front of me. Please. Sun Communities, Inc. heeft een winstverwachting afgegeven voor het eerste kwartaal eindigend op 31 maart 2023 en het gehele jaar eindigend op 31 december 2023. We did over since December of 2021 about 850 of treasury locks and swaps. And going forward, we expect good solid growth this coming year. Company profile for Sun Communities Inc. including key executives, insider trading, ownership, revenue and average growth rates. Total portfolio occupancy of 96.8% includes newly delivered development and expansion sites. And then, on the U.K., it looked like MH occupancy was down almost 300 basis points in the fourth quarter. 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. The fourth quarter continued to show strength. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. Lastly, our Board has raised our 2023 distribution to $3.72 per share, a 5.7% increase from the prior year. Search Search. Like is there a way to kind of recover it kind of over the long term? Got it. 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. Development is in Sun's DNA. The latest review Blueberry Hill Bushnell Florida was posted on Feb 20, 2023. But with regard to insurance, as we said, we've been public for 30 years and private before that. GARY A. SHIFFMAN, agent; GARY SHIFFMAN, director; JOHN B MCLAREN, president; KAREN J DEARING, treasurer; KAREN J DEARING, secretary We've discussed the fact that cost of capital is such that we have sharpened our pencil razor thin. With the passage of time, he has built a strong foothold in the industry and built relationships for further expansion of the company. You might contact Gary A Shiffman via mailing address: 27777 Franklin Road, Ste 200, Southfield Mi 48034. 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. 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. What Unions Do; Form a Union; What We Care About; Take Action; Gary Shiffman. The marinas, currently owned and operated by Dallas-based Safe Harbor Marinas, include locations in [] And this is right, once you've converted that site, you have a resident there for on average a five-or-plus year period of time. You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com. 320,000, I think, we talked about moved in there last year. 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). We always appreciate the opportunity to have these calls and speak about the business. Please DO NOT add attachments that contain your or other peoples personal information, if you dont want it to be visible to the public. The primary factor, as mentioned on the call, is going to be our interest expense for -- projected interest expense for 2023. We have begun to see it decline. 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. So that is one area. 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. SUI earnings call for the period ending June 30, 2021. Because you obviously expect to compare a lot of sites, which means the comparative pool for transient is going to be much lower. This complaint was posted by a verified customer. 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. Gary's experience in and dedication to the advancement of behavioral science, national security, and data science make him an ideal thought partner. 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. Thank you. All-Age Communities; Active 55+ Communities. Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. Competitors. As we know, that can go up and down. NYSE: SUI. 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. Up to 5 To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Is that how you guys are thinking about it? 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. Safe Harbor Marinas Acquired for $2.1 Billion. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! Within our MH and RV portfolio, we gained over 2,900 revenue-producing sites for the year. 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. [Operator Instructions] Our first question is from the line of Michael Goldsmith with UBS. This year marks Sun's 30th year as a public company. Of the 3,100 at the high end, 60% is expected on the RV side. 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. 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. Hi, Michael. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. 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. Sun Communities, Inc. is a REIT that, as of October 30, 2020, when it completed its acquisition of Safe Harbor Marinas, LLC, owned, operated, or had an interest in a portfolio of 532 properties . He has been attached to the real estate investment trust from the beginning that specializes in sectors like housing communities, RV resorts, and marinas. I wanted to follow on Steve's question. So, that doesn't reflect market prices to 15%? About Us. Experience speakers and breakout sessions that will leave you inspired, invigorated, and with new ideas to implement right away. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. Appreciate the color, Gary. You guys are -- there's a membership program where now you can get your annual [indiscernible] at cost. These new sites will begin contributing revenue in 2023 and provide a new base for growth in the coming years. | 1 maart 2023 Job well done. About Us: Welcome to the Sun Communities Fourth Quarter and Year End 2022 Earnings Conference Call. Biography of Gary Shiffman. 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? 1985: The company incorporates in order to expand further. With Shiffman's guidance, he began building. Het koersdoel wordt verlaagd van 166 naar 161 USD. 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. I think that we don't typically provide guidance towards acquisitions and, of course, capital marketplace activities. It's gotten more expensive. In 2023, we expect total Same Property NOI across manufactured housing, RV and marinas to increase between 4.9% and 5.9%. ET. There's over 100 million people there, and we focus our geographic footprint and target the right markets to operate in. 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. 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