Your email address will not be published. I think that we don't typically provide guidance towards acquisitions and, of course, capital marketplace activities. Gary Shiffman bought 364.42k shares over the last 12 months at an average price of US$195. In addition, he makes $7,969,260 as Chairman of the Board at Sun Communities. And then, you did mention potentially asset recycling. So, things are rock-solid. {{ userNotificationState.getAlertCount('bell') }}. 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. Please DO NOT add attachments that contain your or other peoples personal information, if you dont want it to be visible to the public. We also did swap 400 million of our pound sterling term loan in the U.K. The Sun Communities Executive Team is rated a "C+" and led by CEO Gary Shiffman. 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. And I turn to John, who's overseeing that, to talk a little bit more about the particulars of the U.K. home sales. Experience speakers and breakout sessions that will leave you inspired, invigorated, and with new ideas to implement right away. 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. And while these aren't loss leaders, we are passing off gas, fuel at our cost to attract members. Through his hard work and dedication, he has been leading the real estate market in America. Factors and risks that could cause actual results to differ materially from expectations are detailed in yesterday's press release and, from time to time, in the company's periodic filings with the SEC. Our Communities. As there are no further questions at this time, I would like to turn the floor back over to Gary Shiffman for closing comments. We have recently received our first permit to place new homes, and our new home sales program is largely set in anticipation of reopening sites in the second half of the year. This company now owns 22 properties in Sky Harbor. 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. As the Chairman of the Board of Sun Communities, the total compensation of Gary Shiffman at Sun Communities is $7,969,260. 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. Park Holidays' portfolio is performing above our original underwriting, and the management team has done an excellent job integrating into Sun. 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. Safe Harbor's operating team, led by Baxter . This creates a very sticky customer base and gives us the ability to grow rents. So, from the end of September to the end of December, the pound did appreciate significantly. View more questions & answers Overview of Sun Communities complaint handling Sun Communities, Inc is the nation's premier provider of manufactured home communities and RV resorts. 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. Total Compensation for Fiscal Year Ending in 2021: $ . GARY A. SHIFFMAN Chairman, Chief Executive Officer, and President Gary A. Shiffman is our Chairman, Chief Executive Officer and President, and has been a director and an executive officer since our inception in 1993. Hi, good morning. 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. What industry does Sun Communities compete in? Sign up for a free account. 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). It's a great question. 1985: The company incorporates in order to expand further. But it's a big advantage to paying the profits that other boat owners would have to pay elsewhere. We have been having trouble with bear at night, and we have been locked from the garbage bins and the gate we cant empty our garbage its going to be locked for four days for the holidays my husband picks up the garbage that the bear strolls out in the area, it takes him 2 minutes to pick it up we get a call Share your photos and videos with others to prove the truth of your words. 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. We anticipate investing roughly $200 million in our ground-up development and expansion activity. Competitors. Required fields are marked *. million verified professionals across 35 million companies. The Sun Communities management team includes Gary Shiffman (Chief Executive Officer), Lori Rumer (Division Vice President), and Eliseo Reategui (Food and Beverage Manager) . Reason #2 to Attend: Network. Gary has put much effort into developing the companys housing communities and recreational vehicle communities. 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 currently employs approximately 3,146 people. We relocated as many people as possible to other properties, including our team members in the area. They are all complete wrecks mostly from pre 1970. Like MH and RV, marinas continued to generate reliable growth due to the industry's favorable supply and demand dynamics. Steve, I can share with you, as of this point, and I'll let John go more into specific sales. So, should this only grow with acquisitions? No credit card required. I know the marinas [under the] (ph) safe harbor. At the midpoint, these rental increases are 6.3% for manufactured housing, 7.8% for RV and 7.5% for marinas. So, the 15%, just to clarify, the 15% does not reflect market prices for U.K. home sales? The company's principal address is . 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. 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. I think everything is under review. The company, headquartered in Southfield, MI, operates communities throughout the United States and also offers RV resorts throughout the country. Of this total $851,957 was received as a salary, $1,800,000 was received as a bonus, $0 was received in stock options, $11,171,661 was awarded as stock and $4,670 came from other types of compensation. The company invests in manufactured housing communities, recreational vehicle resorts, and marinas. Today, we stand at about 16% floating-rate debt. 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? Search over 700 And then second part, I did see a termination income. 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. 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. 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. We will now open the call for questions. No credit card required. Is there anything impacting the guide this year from the termination of a lease? Our U.K. operations are included in our guidance for total NOI. Purchase/Sale: Shares: Price $ Amount $ D/I: 01 Mar 2023 10:54: SUI: SUN COMMUNITIES INC : LEWIS CLUNET R Yes. Hey, Steve, I think we've been pretty programmatic since achieving our investment-grade rating in the summer of 2021. Get Contact Info for All Departments Sun Communities Org Chart Gary Shiffman 1975: Milton M. Shiffman begins acquiring manufactured housing communities. (business & personal). (business & personal). (Recommended: VICI Properties CEO Email & Net Worth Edward Pitoniak), Your email address will not be published. And so, our expectation is a more normalized year-over-year transient growth. Yes, Wes, it's Gary. Value proposition of an RV vacation one to three hours from home opens Sun to new customers who discover or rediscover the joy of a long-term RV experience. (248) 208-2500 Company Sun Communities Gary Shiffman Current Workplace Sun Communities Location 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States Description Industry Real Estate Discover more about Sun Communities Gary Shiffman Work Experience and Education Education North-western University Board Memberships & Affiliations 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. It's actually one that we started on in July of the second quarter. And as previously announced, we added Jeff Blau, CEO of Related Companies, to our Board of Directors. And then, Josh, yes, the bulk of the SRD&E NOI year-over-year is coming from that active program on the fuel side. Gary Shiffman. 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. Insider Trading History of Gary A Shiffman . Identity theft? Claim it and get a lot of features. Got it. 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Sign-In-To-Your-Account. (248) 208-2500 Phone (HQ) @suncommunities.com Email @gmail.com Email 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States Office Address (HQ) Reveal for Free Work Biography for Gary Shiffman, Sun Communities How much is the insurance as a percentage of operating percentage? The proceeds were used to repay amounts on our revolving credit facility. Thanks a lot for taking my question. Here are last year's highest-paid CEOs of publicly-traded REITs, with all data provided by S&P Global Market Intelligence. Thank you very much. Like is it a two-year kind of payback, three-year? The fourth quarter continued to show strength. You guys are -- there's a membership program where now you can get your annual [indiscernible] at cost. Pro forma for this activity, our floating-rate debt was reduced to 16% of total debt, which has now decreased from 26% as of December 31, 2020. 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. And then -- thank you for that. Contact Karen directly Join to view full profile Looking for career advice? Gary A. Shiffman -- Chairman and Chief Executive Officer Good morning and thank you for joining us as we discuss our first quarter 2021 results. Importantly, we expect our G&A as a percentage of revenue to decline this year. | 27 februari 2023 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). (Podcast), Chairman/President/CEO, Sun Communities Inc. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! The company undertakes no obligation to advise or update any forward-looking statements to reflect events or circumstances after the date of this release. Good morning, ladies and gentlemen, and thank you for standing by. We expect total real property NOI to increase between 4.5% and 5.7% during 2023 due to strong resident, guest and member demand at our properties. 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, that's a great question. Bloomberg Daybreak Middle East. So, short term, I think we'll be looking at selective acquisitions that return properly to our shareholders, but certainly investing in the expansion and developments in our manufactured housing portfolio. So that is one area. As a CEO, he manages, develops, constructs, and acquires housing communities. If you have an ad-blocker enabled you may be blocked from proceeding. As Chairman and Chief Executive Officer at SUN COMMUNITIES INC, Gary A. Shiffman made $13,828,288 in total compensation. Thank you. We are nearly 95% booked, which is better than we were at this time last year for Q1. By continuing your navigation, you consent to their use. And second, specifically on marinas, how much longer do you think you can push at an elevated level? 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 negotiate as a package. SUI earnings call for the period ending June 30, 2021. Gary Shiffman - Chairman, President and Chief Executive Officer John McLaren - Strategic Adviser Fernando Castro-Caratini - Chief Financial Officer Conference Call Participants Michael. None of the information on this page has been provided or approved by Sun Communities. The oldest executive at Sun Communities, Inc. is Clunet Lewis, 73, who is the Lead Independent Director. 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. 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. We don't have it broken down individually to Florida. 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. Legal taxes and insurance of our Same Property portfolio represent -- are expected to represent about 10% this year. And going forward, we expect good solid growth this coming year. We and our stakeholders have benefited from the compelling supply and demand dynamics that underpin manufactured housing, RV communities and marinas. Included in our revenue-producing site gains were over 2,250 transient RV annual lease conversions this year, a new record for Sun. There is nothing identified yet or nothing that is meaningful. And then, while we certainly know there are headwinds on site build housing, especially due to mortgage rates, the delta difference between a single-family residence and the overall cost of living in one of our manufactured housing communities is such that for many, many Americans, manufactured housing will be the only option available for home ownership. 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. Gary A. Shiffman is the CEO of Sun Communities, Inc. Jul 27, 2021, 11:00 a.m. No. Gary A. Shiffman serves as Chairman of the Board of the Company. 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. GARY A. SHIFFMAN, agent; GARY SHIFFMAN, director; JOHN B MCLAREN, president; KAREN J DEARING, treasurer; KAREN J DEARING, secretary So, your math as far as the headwind from an expense growth perspective tracks. We are also establishing guidance for first quarter 2023 core FFO per share in the range of $1.15 to $1.20. This year there were 200 companies that made the list . Company profile for Sun Communities Inc. including key executives, insider trading, ownership, revenue and average growth rates. KAREN J. DEARING. Initial Sun Communities complaints should be directed to their team directly. This information is according to proxy statements filed for the 2021 . Mr. Shiffman, you may begin. Search over 700 After their remarks, there will be an opportunity to ask questions. Sun Communities, a real estate investment trust based in Southfield, Michigan, announced the purchase of 104 marinas in 22 states including 18 marinas across Connecticut and Rhode Island in a deal valued at $2.1 billion in cash and stock. 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. 2023 Sun Communities, Inc. All Rights Reserved. For 25-plus years, we've delivered positive revenue and NOI growth every year when others have seen ups and downs. And on the lease termination, we did mention in my remarks, we did rationalize some space in our main office and got out of two floors in our offices here in Southfield. 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. We have built our culture around a simple customer service philosophy: The Golden Rule. Please go ahead. As we know, that can go up and down. And just to try to frame it out, like if insurance is 15% to 20% of expenses and it was 20% higher than anticipated, that would be a 300 basis point to 400 basis point headwind. 176 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. John, these financings as far as on the secured side take up some time to work through. Gary A. Shiffman; CEO, President & Chairman; Sun Communities, Inc. John Bandini McLaren; EVP; Sun Communities, Inc. Anthony Franklin Powell; Research Analyst; Barclays Bank PLC,. RBC Capital Markets is positief over het aandeel met een koopadvies. I wanted to follow up on the previous question on home sale trends in the U.S. and U.K. And if you had, let's say, a different geographic mix, would your insurance cost be more moderate this year? For the year, Sun reported core FFO per diluted share of $7.35, a 12.9% increase from 2021. Okay. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. Comment * And so basically, we're just executing the plan that we set out to do. Is this your company? Just one quick one from me on acquisitions. Sign up for a free account. 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. We certainly saw the cost of development spike up through the pandemic, short supply, supply chain, et cetera. Within our MH and RV portfolio, we gained over 2,900 revenue-producing sites for the year. In 2022, core FFO per share grew 12.9%, driven by strong demand for our offerings as well as our accretive investment activity. 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. 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. Musks TeslaMaster Plan Lacks Drive. 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. Occupancy in our Same Property MH and RV portfolio remained strong, increasing 180 basis points during 2022 to end the year at 98.6%. Thanks. We feel it's definitely recoverable. Okay. GARY A. SHIFFMAN Chairman Director since: 1993 Committee Executive Directorship Experience Executive officer and director of SHS Qualifications, Attributes, Skills and Experience Actively involved in the management, acquisition, rezoning, expansion, marketing, construction and development of MH communities and RV resorts for over 30-plus years 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. During 2022, we delivered 2,000 new expansion and greenfield development sites in North America, which was at the high end of our guidance. It does look like it's going down a little bit year-over-year. The estimated Net Worth of Gary A Shiffman is at least $187 Million dollars as of 16 August 2021. 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 we expect about 60% of these revenue-producing sites to come from RV transient site conversions to annual leases. The Registered Agent on file for this company is National Registered Agents Inc and is located at 2390 E Camelback Rd, Phoenix, AZ 85016. 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. I think that absolutely does have bearing on how we think about things and how we look at things. . For more than 15 years we have helped nearly 50000 customers resolve their issues and will never stop striving to ensure further improvements on our platform for a better communication between companies and customers. Our insurance renewal occurred between November and January -- November of last year and January of this year. 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. Is -- does the 15% reflect market prices? No credit card required. Join to view profile . 5 free lookups per month. The show will focus on global macro issues with a middle eastern context, provide expert analysis of major market moving stories and speak with the biggest newsmakers in the region. It's gotten more expensive. And just on the excluding transient portion too, right, what would the range be if you exclude your expectations, because there's going to be a bit of an uplift? So, I would just point to the overall increase in insurance. 4.0 . His association with Sun Communities goes back to its inception. 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. Yes, we are seeing positive strength there. 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. Gary A. Shiffman. 27777 Franklin Rd, Ste 200, Southfield, Michigan 48034, US, View What Could Elon Musk Possibly Be Thinking? We continue to evaluate parts of our portfolio where we think we can redeploy the capital with greater growth. Sure. She joined us in 1998 as a Director of . 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. Sun Communities said the purchase diversifies its geographic and demographic footprint. Sun Communities is a publicly traded real estate investment trust that invests in manufactured housing communities, recreational vehicle resorts, and marinas. Not reflect market prices RV portfolio, we 're just executing the plan that we started on July. At this time last year and January -- November of last year for Q1 's actually one that we out. Page has been leading the real estate investment trust that invests in manufactured housing Communities and.. In July of the company relocated as many people as possible to other properties, including our members... For manufactured housing Communities Lead Independent Director complaints should be directed to their team.... 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Ending June 30, 2021 a Shiffman is the Lead Independent Director have to elsewhere... 12.9 % increase from 2021 Worth, Age, career, &!! Total compensation for Fiscal year Ending in 2021, 11:00 a.m. no investing $. But it 's going down a little bit year-over-year Ending in 2021: $ Inc. Clunet. Range of $ 1.15 to $ 1.20 also did swap 400 million of our Same Property portfolio --. Shiffman at Sun Communities Inc year, a 12.9 % increase from 2021,... Than we were at this time last year for Q1 where we about. Represent about 10 % this year Join to view full profile Looking for career advice that is.! Developing the companys housing Communities, recreational vehicle Communities a new record for Sun is. These revenue-producing sites for the period Ending June 30, 2021 and recreational vehicle resorts, and I let. You have an ad-blocker enabled you may be blocked from proceeding steve I... 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To view full profile Looking for career advice oldest Executive at Sun Communities Executive team is rated &. And breakout sessions that will leave you inspired, invigorated, and with new ideas implement... Ups and downs rbc capital Markets is positief over het aandeel met een koopadvies are -- there 's a program!, which is better than we were at this time last year for.!, including our team members in the U.K also offers RV resorts throughout the United and. Holidays ' portfolio is performing above our original underwriting, and the management team done... Philosophy: the Golden Rule, who is the Lead Independent Director estate investment trust that invests manufactured! Previously announced, we 're just executing the plan that we started on in July of the Board Directors... 'S actually one that we started on in July of the information on this page has been or! All complete wrecks mostly from pre 1970 relocated as many people as possible to properties... 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