Research Tools And they look at the claims that they've paid out versus the premiums they've taken in. My first question is on the insurance. Same is true in the RV for vacationing. Career & Education - Company, University, & College Gary attended Michigan State University. So, we have a stringent policy there. 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. In addition, he makes $7,969,260 as Chairman of the Board at Sun Communities. We are actively and programmatically working on a number of strategies to continue to reduce our exposure to variable-rate debt. 5 free lookups per month. She joined us in 1998 as a Director of . Thank you. So, from the end of September to the end of December, the pound did appreciate significantly. (Suggested: Healthpeak Properties CEO Email & Net Worth Tom Herzog). So that is one area. Gulf War veteran, 1990-1991 USS Blue Ridge (LCC 19), 1988-1991 USS Fife (DD 991) 1991-1992 Pentagon: Chief of Naval Operations, Surface Warfare Division, 1993 As we look ahead to 2023, we once again expect to deliver a year of solid Same Property growth. Yes. 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? We have built our culture around a simple customer service philosophy: The Golden Rule. Sun Communities currently employs approximately 3,146 people. 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. Is this happening to you frequently? Learn about their Real Estate market share, competitors, and Sun Communities's email format. Voor het kwartaal verwachtte het. 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. KAREN J. DEARING. Obviously, floating-rate debts caught a lot of people maybe not by surprise, but certainly been more powerful and had a bigger negative impact. 4.9% growth in revenues reflected a 5% increase in weighted average monthly rent and a 180-basis point occupancy gain. 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. They are all complete wrecks mostly from pre 1970. Image source: The Motley Fool. Our next question is from the line of Anthony Powell with Barclays. NYSE: SUI. Search over 700 So, we're running a little bit ahead. We are nearly 95% booked, which is better than we were at this time last year for Q1. 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. 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 . I think that we don't typically provide guidance towards acquisitions and, of course, capital marketplace activities. This will surely increase the credibility of your complaint. And then, my second question is just on the flow-through of the NOI growth. | 27 februari 2023 Okay. 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. No. 4.0 . And as we have done in the U.S. over the years, we have used our Park Holidays' footprint to opportunistically scale our presence in the U.K. Looking ahead, we have a solid development and expansion pipeline that can deliver accretive growth for years to come as well as the proven skill set and platform to sustain our growth. It brings us industry-leading occupancy growth like the record 2,900 sites we gained over the course of 2022. 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. Bloomberg Daybreak Middle East. Company Overview. People are still positive about experiencing that outdoor vacation. This does conclude the company's remarks. Sun Communities said the purchase diversifies its geographic and demographic footprint. Included in this expected expense growth is an approximately $18 million increase in property-related insurance costs. And would you expect your volume of acquisitions in 2023 to be lower or higher than 2022? GARY A. SHIFFMAN, agent; GARY SHIFFMAN, director; JOHN B MCLAREN, president; KAREN J DEARING, treasurer; KAREN J DEARING, secretary It does look like it's going down a little bit year-over-year. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. Explore this wiki for details such as Sun Communities CEO email, Gary Shiffman net worth, and Sun Communities net worth. Gary A Shiffman owns about 1,016,253 units of Sun Communities Inc common . Gary Shiffman bought 364.42k shares over the last 12 months at an average price of US$195. 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. So, can you walk through some of the pressure or other factors that are below the line that's not when you see the Same Property NOI growth flow through to the FFO? 10 free leads on us . Thank you. They definitely came in looking pretty strong, so just a few questions. Our next question is from the line of Steve Sakwa with Evercore ISI. 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. How construction costs changed on those? 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. Please go ahead. So, like Gary said, the demand continues to be very strong, so much so that we -- I think we shared before that we've built out almost 700 expansion sites over the course finishing in 2022, that all sold up in 2022, and look to expand another 500 going into the season this year, which will be filled up by the end of 2023. It's a great question. Thank you. Of the 3,100 at the high end, 60% is expected on the RV side. The company undertakes no obligation to advise or update any forward-looking statements to reflect events or circumstances after the date of this release. Yes. 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 creates a very sticky customer base and gives us the ability to grow rents. In light of current market conditions, we have shown discipline with regard to our approach to capital allocation, and we'll continue to do so going forward. Next, we'll consider growth that. He has been attached to the real estate investment trust from the beginning that specializes in sectors like housing communities, RV resorts, and marinas. Thanks for that. 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. Mr. Shiffman, you may begin. I will now turn it over to Fernando to discuss our financial results in more detail. Okay. So, you will continue to see an emphasis on that strategy as we go forward. Technologies. SUN COMMUNITIES, INC. is an Arizona Business filed on October 7, 1997. So, it's more back to normal, I think. We are also establishing guidance for first quarter 2023 core FFO per share in the range of $1.15 to $1.20. We've discussed the fact that cost of capital is such that we have sharpened our pencil razor thin. Similar Profiles. 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. Experience speakers and breakout sessions that will leave you inspired, invigorated, and with new ideas to implement right away. 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. There is nothing identified yet or nothing that is meaningful. As a reminder, this call is being recorded. 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. 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. Your Same Property NOI is growing 4.9% to 5.9%, yet your guidance is calling for earnings to be down in 2023. 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 . free lookups / month. I don't have the numbers right in front of me, and we can get back to you or perhaps Fernando does, but you're absolutely correct. Sun Communities & Sun Outdoors has been named a Top Workplace in Michigan by the Detroit Free Press! Gary has put much effort into developing the companys housing communities and recreational vehicle communities. Thank you. You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com Where is Sun Communities located? Please go ahead. {{ userNotificationState.getAlertCount('bell') }}. So curious for your thoughts there. This year marks Sun's 30th year as a public company. And going forward, we expect good solid growth this coming year. The acquired land can support over 2,500 future MH and RV sites. Musks TeslaMaster Plan Lacks Drive. So, because there is a cost associated with over 16,000 sites that we've already bought and paid for, that are not yielding any return, we carry on debt. 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. His association with Sun Communities goes back to its inception. With the passage of time, he has built a strong foothold in the industry and built relationships for further expansion of the company. I feel like throughout the fall, the messaging on the rate growth you were sending out was going to line up with expense growth. And a Car. . And when we talk about passing on guests at our cost, it's not just the cost we buy it at the pumper truck, but it's the cost associated with delivering it. Sun takes allegations of bullying seriously and we encourage you to contact HR with further details so that we can investigate your concerns further. Ms. Dearing served as our Chief Financial Officer, Treasurer and Secretary from 2008 - 2022. During 2022, we delivered 2,000 new expansion and greenfield development sites in North America, which was at the high end of our guidance. I think it's one of the high points that we've seen. SUN COMMUNITIES INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. He is our Chairman and Chief Executive Officer and has been a director and an executive officer since our inception in 1993. But in the effort of being totally transparent of where our costs have gone to, that's what is included in our guidance. RBC Capital Markets is positief over het aandeel met een koopadvies. Hey, Steve, I think we've been pretty programmatic since achieving our investment-grade rating in the summer of 2021. By continuing your navigation, you consent to their use. How are you guys thinking about that? 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. We always appreciate the opportunity to have these calls and speak about the business. Hi, everyone. Is -- does the 15% reflect market prices? And we will closely evaluate and continue to evaluate our exposure that is impacted by insurance as we go forward. Sun Communities CEO Email | Gary Shiffman Contact You can write to gshiffman@suncommunities.com to connect with the real estate investment firm's CEO. Or is there some other explanation? 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. Initial Sun Communities complaints should be directed to their team directly. 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. So, with that kind of a supply/demand out of balance, we're very comfortable and expecting to continue growth similar to what we've been experiencing. We are also providing certain guidance data points to help the investment community track Park Holidays' performance. 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. As everyone might recall, strategically, we are always looking to convert lower-margin business over to the stickier side of rent. And over the past three decades, we have established a track record of strategically expanding and diversifying our portfolio of recession-resistant, best-in-class properties. But certainly, looking to actively manage our exposure to floating-rate debt. 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. It does not include the impact of prospective acquisitions, dispositions or capital markets activities, which may be included in research analyst estimates. 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. I mean you look at everything, whether it's earthquakes in Turkey and so forth that's impacting the cost of insurance for everybody. Total portfolio occupancy of 96.8% includes newly delivered development and expansion sites. Eventually, he took over the reins from his father to head the company. No credit card required. 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. But I believe in these periods of times, as I said before, as people have to refinance things at a whole new rate in a whole new world, opportunities may become available there that are accretive across our current cost of capital. 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. | 1 maart 2023 There are no executives at Sun Communities getting paid more. A follow-up question on insurance. We received an approximate 50% uplift in revenue in the first full year after conversion. Sun Communities is a publicly traded real estate investment trust that invests in manufactured housing communities, recreational vehicle resorts, and marinas. It's actually one that we started on in July of the second quarter. Why? As I assume my new responsibilities focusing on our MH development efforts, I look forward to supporting Bruce and the entire team. I think everything is under review. But as John mentioned or maybe I mentioned during -- in my section of the script, we are expecting another very strong year of conversions from transient sites to annual leases. 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. I just have a question on the service retail and dining guide. About Us. Safe Harbor Marinas Acquired for $2.1 Billion. Gary A. Shiffman; CEO, President & Chairman; Sun Communities, Inc. John Bandini McLaren; EVP; Sun Communities, Inc. Anthony Franklin Powell; Research Analyst; Barclays Bank PLC,. 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? Yes, thanks, good morning. This complaint was posted by a verified customer. Yes, that's a great question. 1981: Shiffman retires from his medical practice to concentrate fully on his growing company. Please go ahead. So, things are rock-solid. Included in our revenue-producing site gains were over 2,250 transient RV annual lease conversions this year, a new record for Sun. Good morning. Your NOI is expected to grow 4.5% to 5.7%. So yes, that does factor into our toolbox. Gary A. Shiffman occupies the position of Chairman & Chief Executive Officer at Sun Communities, Inc., Chief Executive Officer & General Partner at Sun Communities Operating LP and Directorbr at Sun Home Services, Inc. (both are subsidiaries of Sun Communities, Inc.) and Chairman & Secretary at Bingham Financial Services Corp. The marinas, currently owned and operated by Dallas-based Safe Harbor Marinas, include locations in [] Name . 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. Through his hard work and dedication, he has been leading the real estate market in America. 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. Because you obviously expect to compare a lot of sites, which means the comparative pool for transient is going to be much lower. Based on our data team's research, Gary Shiffman is the Sun Communities's CEO. On a run rate trailing 12-month basis, our net debt-to-EBITDA ratio was 5.8 times. Gary A. Shiffman serves as Chairman of the Board of the Company. 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. We've just elected to shift smaller margin over to higher valuation in the form of sticky rent. 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. 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 negotiate as a package. This information is according to proxy statements filed for the 2021 . Gary M Shiffman Adjunct Professor - Bachelor of Science in Foreign Service (BSFS) Founder and CEO, Giant Oak, Inc. Sign up for a free account. Going forward, we will focus on delivering two to three new MH developments each year as well as continued expansions at our existing properties. Use this comments board to leave complaints and reviews about Sun Communities. And then second part, I did see a termination income. So, there's no specific plan. Purchase/Sale: Shares: Price $ Amount $ D/I: 01 Mar 2023 10:54: SUI: SUN COMMUNITIES INC : LEWIS CLUNET R We've done over $2.2 billion of IG unsecured bonds with that public market. (Podcast), Chairman/President/CEO, Sun Communities Inc. Sun Communities is a multinational company founded on 1975 with its headquarters located at Southfield, Michigan, U.S. and key people behind it being Gary A. Shiffman, Chairman & CEO, John B. McLaren, COO and Karen J. Dearing, CFO. Thank you. Join to view profile . What Could Elon Musk Possibly Be Thinking? To find out more about what we have to offer, visit a community near you or contact us. I guess just one for Fernando on the balance sheet. 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. We are an unparalleled team that has assembled a best-in-class portfolio and operating platform that has delivered impressive results over many years and continues to be positioned for future growth. 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. Please. The U.K. market for holiday parks remains highly fragmented. 176 I think it totally reflects quality, location and value of the assets in our portfolio. In 2023, we expect total Same Property NOI across manufactured housing, RV and marinas to increase between 4.9% and 5.9%. 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. Known Addresses for Gary Shiffman. And I think our strategy has really stood the test of time. And I think this is where when I referred to the fact we're seeing the reality of what's out there overall. ComplaintsBoard.com is an independent complaint resolution platform that has been successfully voicing consumer concerns since 2004. Is that how you guys are thinking about it? So really, really strong demand. And then, about 20%, 25% of it is, right, we -- is the FX on the debt amount. The CEO of Sun Communities is Gary Shiffman. Importantly, we expect our G&A as a percentage of revenue to decline this year. 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