We received an approximate 50% uplift in revenue in the first full year after conversion. And then, you did mention potentially asset recycling. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. So, should this only grow with acquisitions? 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. Yes. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. 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. 4.9% growth in revenues reflected a 5% increase in weighted average monthly rent and a 180-basis point occupancy gain. Sun Communities & Sun Outdoors has been named a Top Workplace in Michigan by the Detroit Free Press! 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. {{ userNotificationState.getAlertCount('bell') }}. So yes, that does factor into our toolbox. And I think it's reflected by the fact that we now have a waiting list in 80% of our marinas. I think it clearly reflects a capital reinvestment that we've shared with our stakeholders before, that if we don't reinvest in our communities, we do strip the equity right out from underneath the homeowners. Ms. Dearing served as our Chief Financial Officer, Treasurer and Secretary from 2008 - 2022. 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. And really look forward to John's 10-year operating our communities, in particular, manufactured housing and being able to transfer that over to the 16,000-site inventory we now have to grow by. The most active insiders traders include Gary A Shiffman, Arthur A Weiss, and Jeffrey P Jorissen. 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. 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. NYSE: SUI. Gary Shiffman. 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. Thanks for that answer. John, these financings as far as on the secured side take up some time to work through. Image source: The Motley Fool. The oldest executive at Sun Communities, Inc. is Clunet Lewis, 73, who is the Lead Independent Director. You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com Where is Sun Communities located? Is there anything impacting the guide this year from the termination of a lease? 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. 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. Explore this wiki for details such as Sun Communities CEO email, Gary Shiffman net worth, and Sun Communities net worth. And going forward, we expect good solid growth this coming year. Thank you very much. 320,000, I think, we talked about moved in there last year. Our guidance assumes we increase revenue-producing sites by 2,800 to 3,100 sites in 2023. 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. 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 . Like is there a way to kind of recover it kind of over the long term? Yes. This is less of a Sun issue, an asset class issue or anything like that. Occupancy in our Same Property MH and RV portfolio remained strong, increasing 180 basis points during 2022 to end the year at 98.6%. 1993: The firm goes public as Sun Communities Inc. 1994: Sun has the best-performing stock among manufactured housing . But in the effort of being totally transparent of where our costs have gone to, that's what is included in our guidance. (business & personal). (Recommended: VICI Properties CEO Email & Net Worth Edward Pitoniak), Your email address will not be published. Gary Shiffman . 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. Sep 30, 2020. And I think our strategy has really stood the test of time. So, on behalf of the entire company, from the communities on up to senior management and executive team, I do want to extend our appreciation to John. Thank you. Please go ahead. Could you maybe go into the three deals you did in December, MH, RV, marina in terms of cap rate sourcing? I think everything is under review. 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. Park Holidays' portfolio is performing above our original underwriting, and the management team has done an excellent job integrating into Sun. So, as we model out going forward, our going-in rents are higher than we originally modeled them out. Faqs. 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. So that is one area. 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. As the Chairman of the Board of Sun Communities, the total compensation of Gary Shiffman at Sun Communities is $7,969,260. Yes, the company is profitable. 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. 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. 50 followers 40 connections. And then second part, I did see a termination income. We've discussed the fact that cost of capital is such that we have sharpened our pencil razor thin. Main Telephone (248) 208-2500 Primary Address 27777 Franklin Road Suite 200 Southfield, MI 48034 USA Turning to guidance for 2023. I live the valley in Apopka fl 55+ community. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! And a Car. 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. This complaint was posted by a verified customer. Sun Communities has resolved 0 complaints. 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. I think from the booking pace perspective, right now, we are trending just a little bit ahead of last year, which is great. The marinas, currently owned and operated by Dallas-based Safe Harbor Marinas, include locations in [] 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. Het koersdoel wordt verlaagd van 166 naar 161 USD. Looking for a particular Sun Communities employee's phone or email? Your NOI is expected to grow 4.5% to 5.7%. This does conclude the company's remarks. This review was chosen algorithmically as the most valued customer feedback. I'll now turn the call over to Gary Shiffman, Chairman, President and Chief Executive Officer. View detailed SUI description & address. 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. I think that absolutely does have bearing on how we think about things and how we look at things. At the midpoint, we were expecting 7.5% for this year. This year marks Sun's 30th year as a public company. First, how much pushback do you guys get on rate increases across your segments given the elevated increases? 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. The fact that we're in Florida, Texas and California is by design. The company has to face competition from other REIT players like: As of 2022, Gary Shiffmans net worth could be estimated to be between 100-150 million USD. 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. What Could Elon Musk Possibly Be Thinking? And second, specifically on marinas, how much longer do you think you can push at an elevated level? And we expect about 60% of these revenue-producing sites to come from RV transient site conversions to annual leases. Is -- does the 15% reflect market prices? 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. 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. He is a member of our Executive Committee. Included in this expected expense growth is an approximately $18 million increase in property-related insurance costs. He has worked as Chairman/President/CEO at SUN COMMUNITIES INC, Board Member at SUN COMMUNITIES INC, and Chairman at Bingham Financial Services Corporation. Hey, Josh, it's Gary. Last updated: 27 February 2023 at 4:00pm EST. We did over since December of 2021 about 850 of treasury locks and swaps. We don't have it broken down individually to Florida. The outperformance is due to higher demand for wet slips and dry storage spaces. The oldest executive at Sun Communities, Inc. is ClunetLewis, 73, who is the Lead Independent Director. [Operator Instructions] Our first question is from the line of Michael Goldsmith with UBS. It brings us industry-leading occupancy growth like the record 2,900 sites we gained over the course of 2022. We will now open the call for questions. Yes. Research Tools Executive Summary. How construction costs changed on those? . 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. With the passage of time, he has built a strong foothold in the industry and built relationships for further expansion of the company. This year there were 200 companies that made the list . Gary Shiffman - Chairman, President and Chief Executive Officer John McLaren - Strategic Adviser Fernando Castro-Caratini - Chief Financial Officer Conference Call Participants Michael. Importantly, we expect our G&A as a percentage of revenue to decline this year. SUN COMMUNITIES, INC. is an Arizona Business filed on October 7, 1997. Next, we'll consider growth that. Get contact details including emails and phone numbers We anticipate investing roughly $200 million in our ground-up development and expansion activity. Is this happening to you frequently? 2023 Sun Communities, Inc. All Rights Reserved. ComplaintsBoard.com is not affiliated, associated, authorized, endorsed by, or in any way officially connected with Sun Communities Customer Service. The company's principal address is . We continue to deliver long-term cash flow stability. In 2023, we expect total Same Property NOI across manufactured housing, RV and marinas to increase between 4.9% and 5.9%. million verified professionals across 35 million companies. I think just general good stewardship of how we think about reducing that variable debt. And as previously announced, we added Jeff Blau, CEO of Related Companies, to our Board of Directors. Thanks. 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. When was your -- when did your insurance renewal take place? So, we're not running to shed assets, but we are reviewing them very, very carefully as to growth. But certainly, looking to actively manage our exposure to floating-rate debt. I guess just one for Fernando on the balance sheet. People are still positive about experiencing that outdoor vacation. So, we're running a little bit ahead. 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. So, seeing the demand, where it is now, is very encouraging for us. We have begun to see it decline. 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. 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). Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. Or has something kind of shifted in the model a bit? Enter employee name to find & verify emails, phones, social links, etc. Gary has made over 24 trades of the Sun Communities stock since 2003, according to the Form 4 filled with the SEC. It's gotten more expensive. Manage Products and Account Information Support Americas +1 212 318 2000 EMEA +44 20 7330 7500 Asia Pacific +65 6212 1000 Company About Careers Diversity and Inclusion Tech At Bloomberg. Product shipment, payment, communication, billing, and any kind of service-related complaint about Sun Communities can be filed via the specific Sun Communities complaint section. Average price was about $196,000. Known Addresses for Gary Shiffman. I will now turn the call over to John and Fernando to speak to our results and guidance in detail. Gary Shiffman About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form. We continue to evaluate parts of our portfolio where we think we can redeploy the capital with greater growth. So, our new home or pre-owned home sales being down a little bit, it's just reflective of the demand, people staying in their homes longer. Good morning, and thank you for joining us as we discuss fourth quarter and full year results for 2022 and our guidance for 2023. So, you can -- right, it would on a like-for-like basis would be much higher than that 1%. He is a member of our Executive Committee. There is nothing identified yet or nothing that is meaningful. 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. Insider Trading History of Gary A Shiffman . Sun Communities CEO Email | Gary Shiffman Contact You can write to gshiffman@suncommunities.com to connect with the real estate investment firm's CEO. Total Compensation for Fiscal Year Ending in 2021: $ . At year-end, our combined MH and RV occupancy was nearly 97%, reflecting approximately 96% occupancy within our manufactured housing portfolio. Eventually, he took over the reins from his father to head the company. The company's filing status is listed as Appointed 08/05/2005 and its File Number is F08203384. You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com. And as we shared with the original information we provided on the deal, Brexit still makes it difficult to travel in the continent. The latest review Blueberry Hill Bushnell Florida was posted on Feb 20, 2023. The Last 12 Months Of Insider Transactions At Sun Communities. 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. Operator? At this time, management would like me to inform you that certain statements made during this call, which are not historical facts, may be deemed forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995. As a reminder, this call is being recorded. You will network with leading professionals from around the country and bring back best practices to your workplace. Just curious how kind of the, I guess, economic uncertainties are kind of weighing on sales and whether you're seeing any bumps in the road as you kind of look into '23. Sun Communities said the purchase diversifies its geographic and demographic footprint. About Sun Communities, Inc. Sun Communities, Inc. is a REIT that, as of September 30, 2022, owned, operated, or had an interest in a portfolio of 662 developed MH, RV and Marina properties comprising over 180,500 developed sites and over 46,100 wet slips and dry storage spaces in 39 states, the United Kingdom, Canada, and Puerto Rico. Same is true in the RV for vacationing. Our next question is from the line of Brad Heffern with RBC Capital Markets. As Chairman and Chief Executive Officer at SUN COMMUNITIES INC, Gary A. Shiffman made $13,828,288 in total compensation. Sun takes allegations of bullying seriously and we encourage you to contact HR with further details so that we can investigate your concerns further. As of 2022, Sun Communitiess net worth stands at 20-24 billion USD. I know it's obviously the low demand time of year, but any color on what happened year-to-date in the forward bookings would be great. Just one quick one from me on acquisitions. Or is there some other explanation? Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Mr. Shiffman, you may begin. That is an increase of about 300 basis points over 2022. Gary A. Shiffman. (Related: T. Rowe Price CEO Email & Net Worth Rob Sharps). Together, the two parks one in Jurupa Valley and another in Banning, accordingContinue reading Clunet Lewis, 73, who is the Lead Independent Director Financial Corporation. 4 filled with the original information we provided on the balance sheet over since December of 2021 about 850 treasury! We provided on the secured side take up some time to work through then second part, think. 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