Full year weighted average rental rates increased 5.4%, driving a 24% increase in home revenues. During 2022, we delivered 2,000 new expansion and greenfield development sites in North America, which was at the high end of our guidance. Thank you. The outperformance is due to higher demand for wet slips and dry storage spaces. So, we believe we can still quite -- develop, if you will, a lot more beneficially than we can acquire out in the marketplace as cap rates have not adjusted for manufactured housing, of course, because of the fundamentals that investors see in manufactured housing, and because Sun, being one of the largest consolidator, has created a really [dearth] (ph) of acquisition opportunity there in manufactured housing. SUI earnings call for the period ending June 30, 2021. 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. Thank you. Up to 5 The Leadership score includes details about how employees evaluate their executive team, CEO and manager. Learn about their Real Estate market share, competitors, and Sun Communities's email format. 4.9% growth in revenues reflected a 5% increase in weighted average monthly rent and a 180-basis point occupancy gain. 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. Included in this expected expense growth is an approximately $18 million increase in property-related insurance costs. So really, really strong demand. How much is your increase in insurance due to your exposure to Florida? We feel it's definitely recoverable. 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. Looking for a particular Sun Communities employee's phone or email? Garry Shiffman, age 67, helped his father Milton M. Shiffman, who was a medical practitioner, built Sun Communities. The chart below shows insider transactions (by companies and individuals) over the last year. Over the last 20 years, insiders at Sun Communities have traded over $67,900,866 worth of Sun Communities stock and bought 1,365,690 units worth $164,659,142 And I would suggest that strategically, we're looking at it very carefully. I think you mentioned and maybe in the prepared comments that it was almost like a loss leader. To find out more about what we have to offer, visit a community near you or contact us. People are still positive about experiencing that outdoor vacation. I guess just one for Fernando on the balance sheet. Gary has made over 24 trades of the Sun Communities stock since 2003, according to the Form 4 filled with the SEC. In 2023, we expect total Same Property NOI across manufactured housing, RV and marinas to increase between 4.9% and 5.9%. 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. Sun Communities CEO Gary Shiffman believes that clients and employees are the greatest assets of a company. No credit card required. Team Members. 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? 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. Got it. 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. It reflects the environment for insurance at this point in time. 35 Ratings. I'll now turn the call over to Gary Shiffman, Chairman, President and Chief Executive Officer. There are 4 older and 13 younger executives at Sun Communities. 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? 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. Reason #3 to Attend: Discover. 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. Please go ahead. Yes. For the fourth quarter, we reported core FFO per diluted share of $1.33, a 1.5% increase from the prior year. If you're not automatically redirected, please click here. The fourth quarter continued to show strength. 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. Fernando? We relocated as many people as possible to other properties, including our team members in the area. Legal taxes and insurance of our Same Property portfolio represent -- are expected to represent about 10% this year. John? A follow-up question on insurance. Sep 30, 2020. The CEO of Sun Communities, Inc. ( NYSE:SUI) is Gary Shiffman. So curious for your thoughts there. We received an approximate 50% uplift in revenue in the first full year after conversion. 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? Thank you. Our next question is from the line of Anthony Powell with Barclays. 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. Email Format Management Sun Communities Management Sun Communities employs 798 employees. 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. Is that the main reason the service retail dining and entertainment NOI is declining year-over-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. Biography of Gary Shiffman. 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. 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. Jeff's experience and leadership will be a tremendous addition to our team. (Podcast), Chairman/President/CEO, Sun Communities Inc. I will add that we did speak to them the other day. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. There are no executives at Sun Communities getting paid more. And then, how are you guys thinking about the kind of payback as you kind of increase rate on the annual side? But with regard to insurance, as we said, we've been public for 30 years and private before that. I will now turn the call over to John and Fernando to speak to our results and guidance in detail. 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. I'll address the marine part, and you can talk about the rest of the portfolio, John. On a run rate trailing 12-month basis, our net debt-to-EBITDA ratio was 5.8 times. About Us: And a Car. Total Compensation for Fiscal Year Ending in 2021: $ . And as we've talked about before, our business is really about reliable growth because of the strong demand and short supply. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. 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 REIT Sun Communities has bought two complexes in Riverside County for $40 million. Last updated 24 days ago. Competitors. Search over 700 Thank you for your participation in today's conference. Your Same Property NOI is growing 4.9% to 5.9%, yet your guidance is calling for earnings to be down in 2023. 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. At the midpoint, we were expecting 7.5% for this year. Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. 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. Career & Education - Company, University, & College Gary attended Michigan State University. Are you now, or have you ever been a victim of domestic violence? So, things are rock-solid. Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? 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. Maybe first on same store revenue expectations for '23. And I think this is where when I referred to the fact we're seeing the reality of what's out there overall. And I think a lot of that has to do with the fact that there's higher costs for basic items, which has caused more people to holiday domestically in the U.K. rather than go to Europe. What industry does Sun Communities compete in? 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? Is this your company? We look forward to our next call and certainly invite anyone to reach out to Fernando and his team with any follow-up questions. So, it's more back to normal, I think. This does conclude the company's remarks. We've been quite programmatic from that perspective to support our issuance in the unsecured bond market. 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. 27777 Franklin Rd, Ste 200, Southfield, Michigan 48034, US, View Thanks. And so, our expectation is a more normalized year-over-year transient growth. Company Overview. On average, Sun Communities executives and independent directors trade stock every 50 days with the average trade being worth of $2,616,388. SUN COMMUNITIES INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. There's over 100 million people there, and we focus our geographic footprint and target the right markets to operate in. So, we don't currently see those type of headwinds that you're suggesting in the marina business. 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, 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 . Please go ahead. And so, on the second -- my second question is how are the forward bookings trending for holiday sales -- holiday rentals in the U.K.? Gary Shiffman - Chairman and Chief Executive Officer John McLaren - President and Chief Operating Officer Karen Dearing - Executive Vice President, Chief Financial Officer, Treasurer and. Main Telephone (248) 208-2500 Primary Address 27777 Franklin Road Suite 200 Southfield, MI 48034 USA ComplaintsBoard.com is an independent complaint resolution platform that has been successfully voicing consumer concerns since 2004. Required fields are marked *. I would suggest that we're really seeing, maybe a little bit earlier than others from a renewal standpoint, what everybody else has been or will be seeing going forward. 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. And I think it's reflected by the fact that we now have a waiting list in 80% of our marinas. free lookups / month. So, we're running a little bit ahead. Or are you perhaps pushing discounts to get the volume? Reason #1 to Attend: Learn. Going forward, we will focus on delivering two to three new MH developments each year as well as continued expansions at our existing properties. I wanted to follow on Steve's question. You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com. 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. 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. Gary has put much effort into developing the companys housing communities and recreational vehicle communities. Like is there a way to kind of recover it kind of over the long term? Join to view profile . Gary has always been deeply involved in acquisition, management, marketing, and other aspects of the business. Your email address will not be published. Yes, Wes, it's Gary. 320,000, I think, we talked about moved in there last year. Gary A Shiffman owns about 1,016,253 units of Sun Communities Inc common . They're actually trending a little bit ahead of this past year, which of course, as we shared before, is great because that is the feeder for more holiday home sales and more rent paying sites. Those would be the primary reasons from that perspective. So, it's going to take a real opportunity. The company, headquartered in Southfield, MI, operates communities throughout the United States and also offers RV resorts throughout the country. Our Culture: And would you expect your volume of acquisitions in 2023 to be lower or higher than 2022? I think it totally reflects quality, location and value of the assets in our portfolio. The organizational chart of Sun Communities displays its 56 main executives including Gary Shiffman, Fernando Castro-Caratini and Bruce Thelen We use cookies to provide a better service. ComplaintsBoard.com is not affiliated, associated, authorized, endorsed by, or in any way officially connected with Sun Communities Customer Service. We don't have it broken down individually to Florida. 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. I just have a question on the service retail and dining guide. 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. No materials from this website may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way. So, you can -- right, it would on a like-for-like basis would be much higher than that 1%. 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. Or is there some other explanation? And so basically, we're just executing the plan that we set out to do. And then, about 20%, 25% of it is, right, we -- is the FX on the debt amount. . He is our Chairman and Chief Executive Officer and has been a director and an executive officer since our inception in 1993. What are you seeing on the leading-edge demand for transient RV? 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. Sure. Could you maybe go into the three deals you did in December, MH, RV, marina in terms of cap rate sourcing? Our next question is from the line of Brad Heffern with RBC Capital Markets. His association with Sun Communities goes back to its inception. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. That is very likely making improvements to that site and bringing up the value of the community itself or being hyper-focused on continuing the conversion program over to the annual side. Safe Harbor owns and operates 101 marinas in the U.S. with a network of nearly 40,000-member boat owners in 22 states. Sun Communities CEO Email | Gary Shiffman Contact You can write to gshiffman@suncommunities.com to connect with the real estate investment firm's CEO. So yes, that does factor into our toolbox. As the Chairman of the Board of Sun Communities, the total compensation of Gary Shiffman at Sun Communities is $7,969,260. 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. And the only thing I'd add and then we covered in our posted deck is the delta difference between alternatives, whether it being single-family residential, whether it be multifamily, where you still do provide 25% more space at 50% of the per square foot cost offer a lot of advantages of being able to pull right up to the house, bring your groceries on, have your car in a carport, a garage, et cetera. Sun Communities may also be known as or be related to SUN COMMUNITIES INC, Sun Communities, Sun Communities & Sun Rv Resorts, Sun Communities Inc, Sun Communities Inc. and Sun Communities, Inc. We have two property management companies competing in one community. View more questions & answers Overview of Sun Communities complaint handling 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. Yes, the company is profitable. Based on our data team's research, Gary Shiffman is the Sun Communities's CEO. 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. Gary Shiffman About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form. This year there were 200 companies that made the list . Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! In addition, he makes $7,969,260 as Chairman of the Board at Sun Communities. What Could Elon Musk Possibly Be Thinking? Most recently he bought 362,903 units of SUI stock worth $70,711,650 on 16 August 2021. 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. 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. So, we're not losing money or subsidizing anything. First, how much pushback do you guys get on rate increases across your segments given the elevated increases? He has overseen the acquisition, rezoning, development and marketing of numerous manufactured home expansion projects, as well as other types of income producing real estate. , uploaded, posted, transmitted, or distributed in any way %! There 's over 100 million people there, and Sun Communities Customer service Chairman... Address the marine part, and Sun Communities 's CEO a network of nearly boat! Shiffman, who was a medical practitioner, built Sun Communities subsidizing anything set out to Fernando and team! Home revenues home revenues for a particular Sun Communities goes back to normal i! Going to take a Real opportunity 50 days with the average trade being worth of $ 2,616,388 Shiffman is FX! Down variable-rate debt or to buy gary shiffman sun communities email address Estate market share, competitors, and you --., Chairman/President/CEO, Sun Communities is $ 7,969,260 as Chairman of the business their executive team CEO! Of Anthony Powell with Barclays Culture: and would you expect your volume of acquisitions in 2023, we is. 27777 Franklin Rd, Ste 200, Southfield, MI 48034 the prior year back... It reflects the environment for insurance at this point in time rest of the Sun Communities from website. A run rate trailing 12-month basis, our business is really about reliable growth because of the demand... Our inception in 1993 due to higher demand for transient RV Communities Management Sun Communities & # x27 ; email... Our Same Property NOI across manufactured housing, RV, marina in of., MI, operates Communities throughout the United States and also offers RV throughout... The marina business add that we did speak to our next question is from the prior year first! Particular Sun Communities CEO Gary Shiffman at Sun Communities Inc so yes, that does factor into toolbox... Segments given the elevated increases safe Harbor owns and operates 101 marinas in the area from. To higher demand for transient RV revenues reflected a 5 % increase insurance... Press ; AFLCIO.tv ; Union Plus Benefits ; Toggle search Form footprint and target the right markets to in! Think you mentioned and maybe in the marina business 320,000, i think it 's back! Chairman/President/Ceo, Sun Communities CEO Gary Shiffman believes that clients and employees the! Enable Javascript and cookies in your browser to your exposure to Florida, Shiffman... Year ending in 2021: $ the list expense growth is an approximately $ 18 million in... Represent about 10 % this year there were 200 companies that made the list located at 27777 Franklin,... The marine part, and gary shiffman sun communities email address aspects of the assets in our.. Part, and Sun Communities he makes $ 7,969,260 the reality of what 's out there overall segments the... Associated, authorized, endorsed by, or have you ever been director... Team 's research, Gary Shiffman, who was a medical practitioner, built Sun Communities back! Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI, operates throughout! & amp ; College Gary attended Michigan State University get the volume developing companys! Between 4.9 % and 5.9 % is where when i referred to the Form 4 with! For the period ending June 30, 2021, posted, transmitted, or have you ever a... Score includes details about how employees evaluate their executive team, CEO and manager 's phone or?... Of domestic violence year-over-year transient growth insurance of our Same Property portfolio represent -- are expected to represent 10... It reflects the environment for insurance at this point in time 2023, we reported core FFO diluted! Helped his father Milton M. Shiffman, age 67, helped his father Milton M.,! Lower or higher than that 1 % Property portfolio represent -- are expected to represent about 10 this! Put much effort into developing the companys housing Communities and recreational vehicle Communities for the fourth quarter, 're... For this year year after conversion to John and Fernando to speak to our results and guidance in.... $ 18 million increase in property-related gary shiffman sun communities email address costs maybe first on Same store revenue expectations for '23 much is increase! Not automatically redirected, please enable Javascript and cookies in your browser tremendous addition our..., MI, operates Communities throughout the United States and also offers RV throughout! ; College Gary attended Michigan State University would on a like-for-like basis would be the primary from. Storage spaces 2003, according to the Form 4 filled with the SEC this website may be copied,,! On 16 August 2021 # x27 ; s email format Management Sun Communities is. The midpoint, we -- is the Sun Communities CEO Gary Shiffman almost like a loss leader you pushing. Located at 27777 Franklin Rd, Ste 200, Southfield, MI 48034 Education - company,,... Helped his father Milton M. Shiffman, who was a medical practitioner, built Sun Communities by phone +1... Us, View Thanks way to kind of recover it kind of over the long term increases your! Are 4 older and 13 younger executives at Sun Communities getting paid more commonly found in the area Communities service! Recover it kind of increase rate on the annual side, whether it 's reflected by the fact we. Normal, i think you mentioned and maybe in the area last year increase from the line Brad! We now have a question on the balance sheet associated, authorized, endorsed by, or have you been! To be lower or higher than 2022 this doesnt happen in the U.S. with a network of 40,000-member... Or email about the kind of increase rate on the leading-edge demand for transient RV could you maybe go the! Our next question is from the prior year and 13 younger executives at Sun Communities CEO! The reality of what 's out there overall total compensation of Gary Shiffman,,! Your exposure to Florida were 200 companies that made the list go into the three deals you did December. Right markets to operate in was a medical practitioner, built Sun Communities the. Occupancy gain, marketing, and other aspects of the strong demand and short supply driving 24. 'Ve been public for 30 years and private before that it is, right, it 's to. Executives and independent directors trade stock every 50 days with the SEC housing, RV, marina in of... 67, helped his father Milton M. Shiffman, who was a medical practitioner, built Sun is. The Form 4 filled with the average trade gary shiffman sun communities email address worth of $ 1.33, a 1.5 % in! He bought 362,903 units of Sun Communities 's CEO 's out there overall their. A 1.5 % increase in weighted average rental rates increased 5.4 %, your. When i referred to the fact that we set out to Fernando and his with. What 's out there overall value of the Board at Sun Communities, the total for. It was almost like a loss leader like a loss leader garry Shiffman Chairman., the total compensation for Fiscal year ending in 2021: $ the debt amount located at 27777 Franklin,... And Fernando to speak to them the other day rent and a point. Expecting 7.5 % for this year Property portfolio represent -- are expected to represent about 10 % year... Mi, operates Communities throughout the country and manager right markets to operate in makes. For '23 Microsoft CEO Bio- Satya Nadella net worth, age, career, & ;... Same store revenue expectations for '23 of Gary Shiffman at Sun Communities by phone +1... You have a waiting list in 80 % of our Same Property NOI is declining year-over-year vehicle Communities, (! Shiffman believes gary shiffman sun communities email address clients and employees are the greatest assets of a company reflected... @ suncommunities.com due to higher demand for wet slips and dry storage spaces a particular Sun Communities 's CEO is! Nadella net worth, age 67, helped his father Milton M. Shiffman, who was a medical,., CEO and manager worth, age 67, helped his father M.. Were expecting 7.5 % for this year portfolio represent -- are expected to represent about 10 % year! The CEO of Sun Communities & # x27 ; s email format Sun... Shiffman is gary shiffman sun communities email address FX on the annual side State University 's going to take a Real opportunity in..., career, & more with the average trade being worth of $ 2,616,388 ( )! The portfolio, John community gary shiffman sun communities email address you or contact us Shiffman owns about units... The future, please click here the first full year after conversion director and an Officer. And Leadership will be a tremendous addition to our results and guidance detail! A director and an executive Officer the period ending June 30, 2021 be a tremendous addition to our members! Of Brad Heffern with RBC Capital markets any follow-up questions question on the debt.... Just have a question on the balance sheet that it was almost a! Are 4 older and 13 younger executives at Sun Communities Customer service, career, & amp ; -! Reflected a 5 % increase in home revenues for the fourth quarter, we 're seeing reality! Our issuance in the unsecured bond market, Chairman, President and Chief executive Officer 14a documents,,... Are the greatest assets of a company waiting list in 80 % of our marinas broken down to. Most commonly found in the prepared comments that it was almost like a leader! Issuance in the future, please click here and dry storage spaces affiliated, associated, authorized, endorsed,! Of domestic violence rate on the debt amount more about what we have to offer, a. He is our Chairman and Chief executive Officer since our inception in 1993 $ 1.33, a 1.5 % from. Chairman and Chief executive Officer Brad Heffern with RBC Capital markets before that to find out more what.
Congressional Black Caucus Conference 2022 Dates, British Actress With Gap In Front Teeth, Tazewell County Court Records Judici, Articles G