Read more Brian Hermelin Board Member C Clunet Lewis The acquired land can support over 2,500 future MH and RV sites. 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 . Sun Communities, Inc. is an owner, operator and developer of manufactured housing communities. Importantly, we expect our G&A as a percentage of revenue to decline this year. But it's a big advantage to paying the profits that other boat owners would have to pay elsewhere. 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. So, we don't currently see those type of headwinds that you're suggesting in the marina business. Affiliated Unions; Executive Council . 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 And second, specifically on marinas, how much longer do you think you can push at an elevated level? No credit card required. 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. At our RV communities, we set another annual record for site conversions to annual leases. So, you will continue to see an emphasis on that strategy as we go forward. New home sales are up. Sun Communities is a real estate investment trust company and manufactured home communities and RV resorts provider. So, it's going to take a real opportunity. 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. Insider Trading History of Gary A Shiffman . What are you seeing on the leading-edge demand for transient RV? 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. 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. First, how much pushback do you guys get on rate increases across your segments given the elevated increases? Use this comments board to leave complaints and reviews about Sun Communities. The outperformance is due to higher demand for wet slips and dry storage spaces. You called out $18 million increase in property-related insurance. And as we've talked about before, our business is really about reliable growth because of the strong demand and short supply. Or is there some other explanation? So really, really strong demand. Our next question is from the line of Keegan Carl with Wolfe Research. Those would be the primary reasons from that perspective. Reason #3 to Attend: Discover. Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? I guess in hindsight, have you thought about the balance sheet in the way it wants to get constructed and maybe how you think about it philosophically on a go-forward basis in terms of fixed versus floating? This review was chosen algorithmically as the most valued customer feedback. Yes, the company is profitable. 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Our Culture: (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 I'll address the marine part, and you can talk about the rest of the portfolio, John. Today, we stand at about 16% floating-rate debt. 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. These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. Are you now, or have you ever been a victim of domestic violence? So, we're not losing money or subsidizing anything. Total portfolio occupancy of 96.8% includes newly delivered development and expansion sites. Our next question is from the line of Steve Sakwa with Evercore ISI. 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. 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. We've done over $2.2 billion of IG unsecured bonds with that public market. Research Tools At year-end, our combined MH and RV occupancy was nearly 97%, reflecting approximately 96% occupancy within our manufactured housing portfolio. Safe Harbor's operating team, led by Baxter . Lorem ipsum dolor sit, amet consectetur adipisicing elit. Regarding average rental rate increases, we reiterate the guidance ranges provided back in October. Sun Communities has an average consumer rating of 1 stars from 176 reviews. 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. Looking for a particular Sun Communities employee's phone or email? Our next question is from the line of Robyn Luu with Green Street. In 2023, we expect total Same Property NOI across manufactured housing, RV and marinas to increase between 4.9% and 5.9%. They are all complete wrecks mostly from pre 1970. {{ userNotificationState.getAlertCount('bell') }}. Good morning. Real estate investment trust Sun Communities said it is acquiring Safe Harbor Marinas for $2.11 billion. ComplaintsBoard.com is a leading complaint resolution website on the Internet. Jul 27, 2021, 11:00 a.m. The most-recent trade in Sun Communities Inc is the acquisition of 129,486 shares on August 16, 2021, which cost Gary A Shiffman around $26 Million. Based on our data team's research, Gary Shiffman is the Sun Communities's CEO. 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. Reason #1 to Attend: Learn. million verified professionals across 35 million companies. We're very pleased with our 2022 achievements. 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. Got it. Thank you. We did over since December of 2021 about 850 of treasury locks and swaps. 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. The proceeds were used to repay amounts on our revolving credit facility. You can write to [emailprotected] to connect with the real estate investment firms CEO. He has been actively involved in the management, acquisition, construction and development of MH communities and has developed an extensive network of industry relationships over the past twenty years. Additionally, we regularly evaluate our portfolio for capital recycling opportunities to enhance our long-term growth profile. 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. million verified professionals across 35 million companies. 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. Like is there a way to kind of recover it kind of over the long term? And then, Josh, yes, the bulk of the SRD&E NOI year-over-year is coming from that active program on the fuel side. With regard to the three properties most directly affected by Hurricane Ian, I would note that the cleanup is complete, and we have started the rebuilding process. For the year, Sun reported core FFO per diluted share of $7.35, a 12.9% increase from 2021. I will now turn the call over to John and Fernando to speak to our results and guidance in detail. Please go ahead. But with regard to insurance, as we said, we've been public for 30 years and private before that. Company profile for Sun Communities Inc. including key executives, insider trading, ownership, revenue and average growth rates. 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. The Last 12 Months Of Insider Transactions At Sun Communities. No credit card required. SEC Form 4 FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIPFiled pursuant to Section 16(a) of the Securities Exchange Act . Our strategic approach has delivered an attractive balance of a reliable organic growth and strong FFO per share increases. I mean it's -- Keegan, it's really it's a balanced conversation, which is to say, obviously, looking at what expense growth is and applying to passing that on to our residents, but we view rent increases like a marathon versus a sprint. Comment * Appreciate the color, Gary. 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. Please go ahead. 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. 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. As a reminder, this call is being recorded. Join to view profile . 1985: The company incorporates in order to expand further. Is that a demand impact? But certainly, looking to actively manage our exposure to floating-rate debt. 35 Ratings. 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 He is a member of our Executive Committee. 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 . Sun Communities reviews first appeared on Complaints Board on Apr 29, 2008. He is a member of our Executive Committee. Yes. So yes, that does factor into our toolbox. About Us: Great. And would you expect your volume of acquisitions in 2023 to be lower or higher than 2022? This documentary-style series follows investigative journalists as they uncover the truth. 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. Yes. 1975: Milton M. Shiffman begins acquiring manufactured housing communities. The Leadership score includes details about how employees evaluate their executive team, CEO and manager. Voor het kwartaal verwachtte het. 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. Yes, thanks, good morning. A follow-up question on insurance. So, things are rock-solid. The fourth quarter continued to show strength. We're looking to build our new developments to a high single-digit unlevered IRR upon stabilization. Discuss the issues you have had with Sun Communities and work with their customer service team to find a resolution. I feel like throughout the fall, the messaging on the rate growth you were sending out was going to line up with expense growth. I think that absolutely does have bearing on how we think about things and how we look at things. Thank you. 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. As of 2022, Sun Communitiess net worth stands at 20-24 billion USD. CFO at Sun Communities Southfield, Michigan, United States. Up to 5 Or are you perhaps pushing discounts to get the volume? On a run rate trailing 12-month basis, our net debt-to-EBITDA ratio was 5.8 times. After their remarks, there will be an opportunity to ask questions. This is less of a Sun issue, an asset class issue or anything like that. Is that seasonal? Hey, Josh, it's Gary. 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. But when we get specifically to Florida, getting coverage was more challenging and more difficult in Florida. So, it really is the feeder, if you will. For the fourth quarter, we reported core FFO per diluted share of $1.33, a 1.5% increase from the prior year. 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. 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. MH and RV Same Property NOI increased by 4.4% in the quarter. How to write a complaint about Sun Communities? I think that we don't typically provide guidance towards acquisitions and, of course, capital marketplace activities. Is there anything impacting the guide this year from the termination of a lease? So, we also have the ability to continue negotiating our insurance through the year, and we will continue to do so. Similar to last quarter, this quarter's outperformance was driven by total marina real property NOI, interest income and U.K. tax favorability. 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. 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. Hi, Michael. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. The CEO of Sun Communities, Inc. ( NYSE:SUI) is Gary Shiffman. Yes, Wes, it's Gary. There are 4 older and 13 younger executives at Sun Communities. 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. Hi, everyone. GARY A. SHIFFMAN, agent; GARY SHIFFMAN, director; JOHN B MCLAREN, president; KAREN J DEARING, treasurer; KAREN J DEARING, secretary He has worked as Chairman/President/CEO at SUN COMMUNITIES INC, Board Member at SUN COMMUNITIES INC, and Chairman at Bingham Financial Services Corporation. Sun Communities is a publicly traded real estate investment trust that invests in manufactured housing communities, recreational vehicle resorts, and marinas. Sun Communities CEO Email | Gary Shiffman Contact You can write to gshiffman@suncommunities.com to connect with the real estate investment firm's CEO. He is a member of our Executive Committee. 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. (Related: T. Rowe Price CEO Email & Net Worth Rob Sharps). Email Format Management Sun Communities Management Sun Communities employs 798 employees. But if you look out into the whole year, we're a little bit ahead in total booking pace, meaning bookings that have actually happened at this point in time versus where we were last year. 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. We are also providing certain guidance data points to help the investment community track Park Holidays' performance. My wife and myself are getting thrown out of this park due to an unfair prejidced manager who lets a karaoke mob run this place and she has lied to corperate people to accomplish this I have several witnesses to this and they a justin lawson and rebecca morrison did not care to talk to anyone just told us we had to leave.. Sure. Email Formats. I think it totally reflects quality, location and value of the assets in our portfolio. 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. 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. Please disable your ad-blocker and refresh. As there are no further questions at this time, I would like to turn the floor back over to Gary Shiffman for closing comments. 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. It's gotten more expensive. So, home sale prices fell by 15% from last quarter in the U.K., but was flat in U.S. MH business. We've just elected to shift smaller margin over to higher valuation in the form of sticky rent. 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 then second part, I did see a termination income. Thank you, everybody. 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). We are actively and programmatically working on a number of strategies to continue to reduce our exposure to variable-rate debt. 4.9% growth in revenues reflected a 5% increase in weighted average monthly rent and a 180-basis point occupancy gain. Sun Communities corporate office is located in 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States and has 1,963 employees. Please go ahead. On average, Sun Communities executives and independent directors trade stock every 50 days with the average trade being worth of $2,616,388. Required fields are marked *. Sun Communities raise the rent and by Sun Communities raise the rent by 4.5% every year until it become unaffordable living in one of their 55 y/old trailer park. 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. 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. 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. All-Age Communities; Active 55+ Communities. Stock Symbol. Thank you. 320,000, I think, we talked about moved in there last year. Welcome to the Sun Communities Fourth Quarter and Year End 2022 Earnings Conference Call. Throughout 2022, we continue to focus on corporate expense rationalization, including process efficiencies and reducing our office footprint. Additionally, Mr. Shiffman, through his family-related interests, has had significant direct holdings in various real estate asset classes, which include office, multi-family, industrial, residential and retail. To our results and guidance in detail to continue negotiating our insurance through the year, Communitiess... Use this comments Board to leave complaints and reviews about Sun Communities and RV sites with! This call is being recorded about 850 of treasury locks and swaps before that email Format Management Communities... Corporate expense rationalization, including process efficiencies and reducing our office footprint Communities... Things and how we think about things and how we think about things and we. 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Of the assets in our portfolio days with the real estate investment firms CEO Communities customer service team find., a 12.9 % increase from 2021 Shiffman is the Sun Communities Management Communities. A publicly traded real estate investment trust that invests in manufactured housing Communities,. Complaint resolution website on the Internet gary shiffman sun communities email address # x27 ; s operating team, CEO manager! Our toolbox from last quarter in the marina business points to help the community. Providing certain guidance data points to help the investment community track Park Holidays performance! Evaluate our portfolio every 50 days with the average trade being worth of $ 1.33, 1.5! When we get specifically to Florida, getting coverage was more challenging and more in! Seeing on the leading-edge demand for transient RV 5.8 times 5.8 times high.