We feel it's definitely recoverable. Reason #1 to Attend: Learn. Career & Education - Company, University, & College Gary attended Michigan State University. Just one quick one from me on acquisitions. Our platform of recession-resistant, best-in-class properties is positioned to continue generating strong cash flow growth for the benefit of our stakeholders. So, it's more back to normal, I think. It's actually one that we started on in July of the second quarter. Fernando? Sun Communities, Inc. is an owner, operator and developer of manufactured housing communities. Looking for a particular Sun Communities employee's phone or email? And the demand for affordable housing has never been stronger in those markets, so it speaks to the high occupancies, the ability to push through inflationary rental increases. We certainly saw the cost of development spike up through the pandemic, short supply, supply chain, et cetera. Please go ahead. To write a complaint about Sun Communities and get an answer from the officials of Sun Communities, Complaintsboard.com's objective complaint writing and answer providing system can be used. This complaint was posted by a verified customer. Gary Shiffman bought 364.42k shares over the last 12 months at an average price of US$195. Sure. And so, on the second -- my second question is how are the forward bookings trending for holiday sales -- holiday rentals in the U.K.? 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. KAREN J. DEARING. As Chairman and Chief Executive Officer at SUN COMMUNITIES INC, Gary A. Shiffman made $13,828,288 in total compensation. As there are no further questions at this time, I would like to turn the floor back over to Gary Shiffman for closing comments. He is a member of our Executive Committee. I don't want anyone to think of it as a loss leader, because it's not a loss leader. So, we're running a little bit ahead. And currently, where we have not seen any major changes to cap rates in North America, manufactured housing of institutional quality is still in the 4% or in some -- one case I just heard of below for those high-quality assets and very few of them trade RV in the low 4%-s to 5%-s. Marinas, there's been a lot of competition and sort of in a plus or minus 6% range currently is where we're seeing the institutional quality assets trade at. I live the valley in Apopka fl 55+ community. He is a member of our Executive Committee. Today marks a very special day, and really want to take this opportunity to thank John for his unbelievable stewardship, both as President and Chief Operating Officer since 2008, if I got that correct. Within our MH and RV portfolio, we gained over 2,900 revenue-producing sites for the year. Yes. (Podcast), Chairman/President/CEO, Sun Communities Inc. One is running the whole community into the ground. He is our Chairman and Chief Executive Officer and has been a director and an executive officer since our inception in 1993. 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. In 2022, core FFO per share grew 12.9%, driven by strong demand for our offerings as well as our accretive investment activity. So, we also have the ability to continue negotiating our insurance through the year, and we will continue to do so. As a reminder, our guidance includes acquisitions, dispositions and capital markets activity through February 22, 2023, and the effect of a property disposition under contract expected to close in March 2023. And I would suggest that strategically, we're looking at it very carefully. There is nothing identified yet or nothing that is meaningful. 35 Ratings. Sep 30, 2020. Research Tools 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. RBC Capital Markets is positief over het aandeel met een koopadvies. I think that we don't typically provide guidance towards acquisitions and, of course, capital marketplace activities. 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. 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. This concludes our prepared remarks. Importantly, we expect our G&A as a percentage of revenue to decline this year. 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. 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. We anticipate investing roughly $200 million in our ground-up development and expansion activity. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! And more so a question on how we should think about modeling this line item going forward. Gary A. Shiffman serves as Chairman of the Board of the Company. Last updated: 27 February 2023 at 4:00pm EST. Are you now, or have you ever been a victim of domestic violence? We are nearly 95% booked, which is better than we were at this time last year for Q1. Development is in Sun's DNA. And then second part, I did see a termination income. . The pound is still devalued in comparison to this time last year, and it's -- most people travel within two hours to get to the properties. So, you will continue to see an emphasis on that strategy as we go forward. Get contact details including emails and phone numbers For the year, Sun reported core FFO per diluted share of $7.35, a 12.9% increase from 2021. You may now disconnect your lines. Search over 700 I'll address the marine part, and you can talk about the rest of the portfolio, John. The company, headquartered in Southfield, MI, operates communities throughout the United States and also offers RV resorts throughout the country. And I would remind the market, we have very manageable maturities, no looming towers over the course of the next couple of years. Experience speakers and breakout sessions that will leave you inspired, invigorated, and with new ideas to implement right away. I think it's growing from there right now, that we've noticed rental increases. Jeff's experience and leadership will be a tremendous addition to our team. Company Overview. Real estate investment trust Sun Communities said it is acquiring Safe Harbor Marinas for $2.11 billion. We've just elected to shift smaller margin over to higher valuation in the form of sticky rent. 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. And so, our expectation is a more normalized year-over-year transient growth. Gary Shiffman Email Address Found 3 email address listings: @suncommunities.com @vivabeverages.com @basseyselesko.com Gary Shiffman Phone Number Found 6 phone numbers: 248-910-XXXX 248-661-XXXX 248-661-XXXX 775-323-XXXX 248-208-XXXX +1 more View Gary's Email & Phone (It's Free) 5 free lookups per month. 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. One last one from me. Because you obviously expect to compare a lot of sites, which means the comparative pool for transient is going to be much lower. Is that how you guys are thinking about it? Hi, good morning. Occupancy in our Same Property MH and RV portfolio remained strong, increasing 180 basis points during 2022 to end the year at 98.6%. Based on our data team's research, Gary Shiffman is the Sun Communities's CEO. Gary M Shiffman Adjunct Professor - Bachelor of Science in Foreign Service (BSFS) Founder and CEO, Giant Oak, Inc. Could you maybe go into the three deals you did in December, MH, RV, marina in terms of cap rate sourcing? Having said that, I would like to introduce management with us today: Gary Shiffman, Chairman, President and Chief Executive Officer; John McLaren, Strategic Adviser; and Fernando Castro-Caratini, Chief Financial Officer. Musks TeslaMaster Plan Lacks Drive. And then, how are you guys thinking about the kind of payback as you kind of increase rate on the annual side? 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. Yes. 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. It tracks over a 30-year period of time that will go up and down a little bit, so we don't see that as anything negative whatsoever. The most active insiders traders include Gary A Shiffman, Arthur A Weiss, and Jeffrey P Jorissen. Throughout 2022, we continue to focus on corporate expense rationalization, including process efficiencies and reducing our office footprint. We relocated as many people as possible to other properties, including our team members in the area. 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 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. 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. 1993: The firm goes public as Sun Communities Inc. 1994: Sun has the best-performing stock among manufactured housing . 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? And as we spoke earlier, we're intentionally shifting a value proposition that will support continued rental increases by offering memberships, the other lower-margin attributes such as fuel, such as discounted transient stays when there's open sites or slips available and other membership opportunities. 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? Safe Harbor Marinas CEO Baxter Underwood will continue to lead the company, which will function as a subsidiary of Sun. 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. But it's a big advantage to paying the profits that other boat owners would have to pay elsewhere. 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. Got it. 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. So that is one area. 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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. Okay. Or are you perhaps pushing discounts to get the volume? His association with Sun Communities goes back to its inception. Good morning. 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. And a big focus that has really been there for almost 10 years now of the conversions that we talk a lot about, it is easier to forecast when we convert a transient to an annual. Required fields are marked *. What industry does Sun Communities compete in? So, as we model out going forward, our going-in rents are higher than we originally modeled them out. Please. But with regard to insurance, as we said, we've been public for 30 years and private before that. 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. 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. GARY A. SHIFFMAN, agent; GARY SHIFFMAN, director; JOHN B MCLAREN, president; KAREN J DEARING, treasurer; KAREN J DEARING, secretary [Operator Instructions] Our first question is from the line of Michael Goldsmith with UBS. 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. 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. 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. Gary's experience in and dedication to the advancement of behavioral science, national security, and data science make him an ideal thought partner. Get Contact Info for All Departments Sun Communities Org Chart Gary Shiffman With Shiffman's guidance, he began building. There are no executives at Sun Communities getting paid more. 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 Operator? We have two property management companies competing in one community. We also did swap 400 million of our pound sterling term loan in the U.K. (business & personal). I think it's one of the high points that we've seen. And then, my second question is just on the flow-through of the NOI growth. 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. By continuing your navigation, you consent to their use. Yes, Wes, it's Gary. Welcome to the Sun Communities Fourth Quarter and Year End 2022 Earnings Conference Call. Gary A. Shiffman. What are you seeing on the leading-edge demand for transient RV? And we will closely evaluate and continue to evaluate our exposure that is impacted by insurance as we go forward. We don't have it broken down individually to Florida. Every home they own was meant for demolition. None of the information on this page has been provided or approved by Sun Communities. The latest review Blueberry Hill Bushnell Florida was posted on Feb 20, 2023. Thank you. We're looking to build our new developments to a high single-digit unlevered IRR upon stabilization. Gary's mailing address filed with the SEC is 27777 FRANKLIN ROAD, SUITE 300, SOUTHFIELD, MI, 48034. 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. So, we have a stringent policy there. If you have an ad-blocker enabled you may be blocked from proceeding. Our U.K. operations are included in our guidance for total NOI. And then, on the U.K., it looked like MH occupancy was down almost 300 basis points in the fourth quarter. 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, INC. is an Arizona Business filed on October 7, 1997. Our next question is from the line of Brad Heffern with RBC Capital Markets. 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. And if you were to pay down debt, could you sell noncore assets and accretively repay down the variable-rate debt? We promise not to send you any unrelated messages, Click here if youd like to unsubscribe from notifications about new complaints of Sun Communities, Connect with Sun Communities via Facebook at, See Sun Communities's portfolio on LinkedIn at. The most active insiders traders include Gary a Shiffman gary shiffman sun communities email address Arthur a,... Continue negotiating our insurance through the pandemic, short supply, supply chain, et cetera email!, Board Member at Sun Communities getting paid more efficiencies and reducing our office footprint annual side CEO! And with new ideas to implement right away are thinking about it, John companies competing in community. The cost of development spike up through the pandemic, short supply, supply chain et... We originally modeled them out, 1997 towards acquisitions and, of course, marketplace. 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