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. 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. And we expect about 60% of these revenue-producing sites to come from RV transient site conversions to annual leases. What Could Elon Musk Possibly Be Thinking? Average price was about $196,000. Yes, Wes, it's Gary. 10 free leads on us . We're not going to reflect that different than our competitors and other asset classes. 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. We certainly saw the cost of development spike up through the pandemic, short supply, supply chain, et cetera. The company invests in manufactured housing communities, recreational vehicle resorts, and marinas. This complaint was posted by a verified customer. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. 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. Yes. So, we also have the ability to continue negotiating our insurance through the year, and we will continue to do so. He is a member of our Executive Committee. 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. Sun Communities, inc ( SUI -0.28%) Q2 2021 Earnings Call. 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 is a real estate investment trust company and manufactured home communities and RV resorts provider. Gary A. Shiffman. We have about $117 million, $118 million coming due in the second half of the year and are being programmatic about locking in that cost today, as we've done over the course of the last couple of years. 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. We continue to evaluate parts of our portfolio where we think we can redeploy the capital with greater growth. This year marks Sun's 30th year as a public company. Sun Communities competes in Real estate investment trust industry. When was your -- when did your insurance renewal take place? 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. 55+ Home Options; 55+ Lifestyle; 55+ Signature Communities; 55+ Signature Florida Communities; Rent a Home; Relocate a Home; Referral Program; RV Communities; About Us; Join Our Team; Investors; Acquisitions; Sun Unity; Digital Accessibility; Customer Login Get contact details including emails and phone numbers Sep 30, 2020. 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, I think, again, 40-year track record, 30-year public, 10-year private, indicates that we will be able to continue to get the correct growth based on the value proposition. 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. For the year, Sun reported core FFO per diluted share of $7.35, a 12.9% increase from 2021. Company profile for Sun Communities Inc. including key executives, insider trading, ownership, revenue and average growth rates. The oldest executive at Sun Communities, Inc. is ClunetLewis, 73, who is the Lead Independent Director. 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. Gary A. Shiffman is SunsChairman and Chief Executive Officer and has been an executive officer since Sunsinception. At year-end, our combined MH and RV occupancy was nearly 97%, reflecting approximately 96% occupancy within our manufactured housing portfolio. And he alluded to it, the rising rates is not necessarily a surprise, especially in the last few months. With respect to ESG, we continually identify ways that we can enhance our corporate citizenship. Gary Shiffman - Chairman, President and Chief Executive Officer John McLaren - Strategic Adviser Fernando Castro-Caratini - Chief Financial Officer Conference Call Participants Michael. 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. Obviously, floating-rate debts caught a lot of people maybe not by surprise, but certainly been more powerful and had a bigger negative impact. 4.0 . Our next question is from the line of Josh Dennerlein with Bank of America. Is that seasonal? Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. 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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. Today, we stand at about 16% floating-rate debt. Required fields are marked *. 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. So, there's no specific plan. 176 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. And then, how are you guys thinking about the kind of payback as you kind of increase rate on the annual side? I know the marinas [under the] (ph) safe harbor. Is this happening to you frequently? On a total portfolio basis, we expect total revenues from real property to increase between 8.1% and 8.7% in 2023, and expenses to increase between 13.5% and 13.9%. Having turned over these units, we are now able to realize higher rents on incoming leases. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Please go ahead. There is an increase in the surveys that we've done and our competitor has done, with expectation of RV stay and camping this coming year. Total Compensation for Fiscal Year Ending in 2021: $ . His association with Sun Communities goes back to its inception. If you have an ad-blocker enabled you may be blocked from proceeding. We anticipate investing roughly $200 million in our ground-up development and expansion activity. 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. I think just general good stewardship of how we think about reducing that variable debt. 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? Good morning. Thanks. 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. So, things are rock-solid. I just have a question on the service retail and dining guide. 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. Live from Dubai, connecting Asian markets to the European opens. 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. And as we've talked about before, our business is really about reliable growth because of the strong demand and short supply. RBC Capital Markets is positief over het aandeel met een koopadvies. 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 Every home they own was meant for demolition. We believe our guidance reflects the current interest rate outlook at the time of this call and is informed by forward interest rate curves as of the time of providing our guidance. 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. Yes, thanks, good morning. View detailed SUI description & address. Yes, the company is profitable. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. No. And by paying down that debt, if that's what we elect to do, we obviously recapture of that lost interest rate. 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. Privacy Policy. I will now turn it over to Fernando to discuss our financial results in more detail. Contact Karen directly Join to view full profile Looking for career advice? Reason #3 to Attend: Discover. Just one quick one from me on acquisitions. Sun Communities, Inc. 27777 Franklin Road Suite 200 Southfield, MI 48034 United States 248-208-2500 https://www.suncommunities.com Sector(s) : Real Estate Industry : REITResidential Full Time . million verified professionals across 35 million companies. Sun Communities, Inc. (SUI) Southfield, MI. 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. Based on our data team's research, Gary Shiffman is the Sun Communities's CEO. One is running the whole community into the ground. KAREN J. DEARING. Ms. Dearing has served as our Executive Vice President, Special Projects since May 2022 overseeing the integration of our UK Investments, as well as advising on other strategic initiatives. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. 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. So, it's going to take a real opportunity. By continuing your navigation, you consent to their use. Those would be the primary reasons from that perspective. Sun Communities & Sun Outdoors has been named a Top Workplace in Michigan by the Detroit Free Press! For the fourth quarter, we reported core FFO per diluted share of $1.33, a 1.5% increase from the prior year. The company's filing status is listed as Appointed 08/05/2005 and its File Number is F08203384. Stock Symbol. Executive Summary. And as we shared with the original information we provided on the deal, Brexit still makes it difficult to travel in the continent. 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. Is that how you guys are thinking about it? It's actually one that we started on in July of the second quarter. 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. It's gotten more expensive. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! . Lorem ipsum dolor sit amet consectetur adipisicing elit. You can find contact details for Sun Communities above. Reagan Haynes. How much is the insurance as a percentage of operating percentage? Sun Communities corporate office is located in 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States and has 1,963 employees. The employee data is based on information from people who have self-reported their past or current employments at Sun Communities. Lorem ipsum dolor sit, amet consectetur adipisicing elit. Faqs. I mean with respect to U.K. home sales, I mean, our team over there sold over 2,900 houses in 2022, which is a 23% increase year-over-year. Learn about their Real Estate market share, competitors, and Sun Communities's email format. How to write a complaint about Sun Communities? 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. So, you can -- right, it would on a like-for-like basis would be much higher than that 1%. This review was chosen algorithmically as the most valued customer feedback. Mr. Shiffman, you may begin. 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. 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. . Looking for a particular Sun Communities employee's phone or email? Next, we'll consider growth that. But in the effort of being totally transparent of where our costs have gone to, that's what is included in our guidance. Research Tools Keegan, I'll give you the comparative for Same Property. Sun Communities currently employs approximately 3,146 people. So, from the end of September to the end of December, the pound did appreciate significantly. You guys are -- there's a membership program where now you can get your annual [indiscernible] at cost. As there are no further questions at this time, I would like to turn the floor back over to Gary Shiffman for closing comments. Thank you. Additionally, we regularly evaluate our portfolio for capital recycling opportunities to enhance our long-term growth profile. Gary's mailing address filed with the SEC is 27777 FRANKLIN ROAD, SUITE 300, SOUTHFIELD, MI, 48034. Your NOI is expected to grow 4.5% to 5.7%. 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. Sun Communities said the purchase diversifies its geographic and demographic footprint. Elevate! Gary Shiffman - Chairman and Chief Executive Officer John McLaren - President and Chief Operating Officer Karen Dearing - Executive Vice President, Chief Financial Officer, Treasurer and. 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. What Unions Do; Form a Union; What We Care About; Take Action; Gary Shiffman. 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 . European opens live from Dubai, connecting Asian markets to the European opens mailing address with! Market share, competitors, and we will continue to do so real opportunity Sun! Real opportunity realize higher rents on incoming leases resorts provider directly Join to full. The marinas [ under the ] ( ph ) safe harbor Worth, Age, career, more... To the end of September to the European opens rents on incoming leases, Inc. ClunetLewis! Percentage of operating percentage how you guys thinking about it our combined MH and RV resorts provider [! 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