Safe Harbor's operating team, led by Baxter . Sun Communities announced Tuesday that it had acquired Dallas-based Safe Harbor Marinas for $2.11 billion. 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? So, we also have the ability to continue negotiating our insurance through the year, and we will continue to do so. This will surely increase the credibility of your complaint. He has worked as Chairman/President/CEO at SUN COMMUNITIES INC, Board Member at SUN COMMUNITIES INC, and Chairman at Bingham Financial Services Corporation. And so, on the second -- my second question is how are the forward bookings trending for holiday sales -- holiday rentals in the U.K.? I guess just one for Fernando on the balance sheet. Technologies. Please go ahead. 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. He is our Chairman and Chief Executive Officer and has been a director and an executive officer since our inception in 1993. We relocated as many people as possible to other properties, including our team members in the area. 10 free leads on us . On the U.K. side, we're seeing enormous strength on the higher end of home buying, the more expensive homes increasing. It's a great question. And this is right, once you've converted that site, you have a resident there for on average a five-or-plus year period of time. And going forward, we expect good solid growth this coming year. Faqs. Please DO NOT add attachments that contain your or other peoples personal information, if you dont want it to be visible to the public. Yes. Thanks a lot for taking my question. So curious for your thoughts there. I think it clearly reflects a capital reinvestment that we've shared with our stakeholders before, that if we don't reinvest in our communities, we do strip the equity right out from underneath the homeowners. 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. Sun Communities has 3,146 employees, of which 5 are in a leadership position. That is on a base of approximately 7.5% to 8% fewer site nights. 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. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. 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 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. As we sharpen our pencil and assess capital and funding alternatives, growing our revenue-producing sites through expansions and ground-up developments continues to offer accretive returns. sun communities inc sun communities sun communities - inc sun communities inc sun properties sun properties - inc Sun Communities Global Presence Search All Employees Sun Communities CEO So, it's more back to normal, I think. Is this your company? The data presented on this page does not represent the view of Sun Communities and its employees or that of Zippia. And then, about 20%, 25% of it is, right, we -- is the FX on the debt amount. I think that absolutely does have bearing on how we think about things and how we look at things. Good morning, and thank you for joining us as we discuss fourth quarter and full year results for 2022 and our guidance for 2023. Contact Us. Sun Communities, inc ( SUI -0.28%) Q2 2021 Earnings Call. Obviously, floating-rate debts caught a lot of people maybe not by surprise, but certainly been more powerful and had a bigger negative impact. I'll address the marine part, and you can talk about the rest of the portfolio, John. The waitlist, we're now -- we now have a waitlist at 91% of our marinas. We're very pleased with our 2022 achievements. How construction costs changed on those? So, your math as far as the headwind from an expense growth perspective tracks. 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 has made over 24 trades of the Sun Communities stock since 2003, according to the Form 4 filled with the SEC. Yes, that's a great question. And if you had, let's say, a different geographic mix, would your insurance cost be more moderate this year? No credit card required. Is -- does the 15% reflect market prices? Jeff's experience and leadership will be a tremendous addition to our team. And I would just emphasize the point that Gary made in his answer, which is that this has a lot more to do with what events are taking place across the world, okay? Please go ahead. 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. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. 2023 Sun Communities, Inc. All Rights Reserved. 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. And as previously announced, we added Jeff Blau, CEO of Related Companies, to our Board of Directors. Hey, guys. So, I'm guessing, can you just walk us through why you allowed floating-rate debt to increase during the fourth quarter and refinance it post quarter? 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. There are no executives at Sun Communities getting paid more. 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. free lookups / month. Thank you very much. Throughout 2022, we continue to focus on corporate expense rationalization, including process efficiencies and reducing our office footprint. 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. (business & personal). Contact Personal Website (s) garyshiffman.com Giant Oak, Inc. Consileint Bio and Featured Works Professor Gary M. Shiffman explores relationships between behavioral science and national security. 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. The fourth quarter continued to show strength. Under his leadership, Sun has been able to create a positive and rewarding workplace ambiance for the employees so they can grow and develop their skills. Lastly, our Board has raised our 2023 distribution to $3.72 per share, a 5.7% increase from the prior year. Reason #2 to Attend: Network. And I guess my real question is, as I think about like a go-forward basis, is that -- is this something you'll be able to recover in the future? Please go ahead. Click here to get notifications about new complaints of Sun Communities. 50 followers 40 connections. Like is there a way to kind of recover it kind of over the long term? 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. Thank you. He is a member of our Executive Committee. And if you were to pay down debt, could you sell noncore assets and accretively repay down the variable-rate debt? Development is in Sun's DNA. CFO at Sun Communities Southfield, Michigan, United States. Jul 27, 2021, 11:00 a.m. You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com Where is Sun Communities located? And more so a question on how we should think about modeling this line item going forward. This year there were 200 companies that made the list . I mean you look at everything, whether it's earthquakes in Turkey and so forth that's impacting the cost of insurance for everybody. This does conclude the company's remarks. Like, obviously, like insurance jumped up a lot this year outside of your control a little bit. Up to 5 Included in our revenue-producing site gains were over 2,250 transient RV annual lease conversions this year, a new record for Sun. 1993: The firm goes public as Sun Communities Inc. 1994: Sun has the best-performing stock among manufactured housing . Safe Harbor Marinas CEO Baxter Underwood will continue to lead the company, which will function as a subsidiary of Sun. Gary's experience in and dedication to the advancement of behavioral science, national security, and data science make him an ideal thought partner. 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. Enter employee name to find & verify emails, phones, social links, etc. And by paying down that debt, if that's what we elect to do, we obviously recapture of that lost interest rate. He has overseen the acquisition, rezoning, development, expansion and marketing of numerous manufactured home communities, as well as recreational vehicle communities. Sun Communities corporate office is located in 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States and has 1,963 employees. We always appreciate the opportunity to have these calls and speak about the business. {{ userNotificationState.getAlertCount('bell') }}. . So, we're running a little bit ahead. And then, on the U.K., it looked like MH occupancy was down almost 300 basis points in the fourth quarter. View more questions & answers Overview of Sun Communities complaint handling Learn about their Real Estate market share, competitors, and Sun Communities's email format. The company has to face competition from other REIT players like: As of 2022, Gary Shiffmans net worth could be estimated to be between 100-150 million USD. 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. Gary A. Shiffman. Thank you. There are 4 older and 13 younger executives at Sun Communities. Our guidance assumes we increase revenue-producing sites by 2,800 to 3,100 sites in 2023. The company's filing status is listed as Appointed 08/05/2005 and its File Number is F08203384. 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. And then -- thank you for that. 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. Sure. At the midpoint, we were expecting 7.5% for this year. We maintain a solid relationship with our resident base, which is also our sales force. For the 31 properties Park Holidays has owned since at least January 2021, home sales rose 17%. 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 Sun Communities said the purchase diversifies its geographic and demographic footprint. Hey, guys. Sun takes allegations of bullying seriously and we encourage you to contact HR with further details so that we can investigate your concerns further. Bloomberg Daybreak Middle East. ET. Together, the two parks one in Jurupa Valley and another in Banning, accordingContinue reading And I turn to John, who's overseeing that, to talk a little bit more about the particulars of the U.K. home sales. We will now be conducting a question-and-answer session. 5.8% increase in expenses was primarily related to turnover costs in our rental program, as one consequence of the pandemic was lengthened average stay and therefore, higher related refurbishment costs. 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. We've been quite programmatic from that perspective to support our issuance in the unsecured bond market. The CEO of Sun Communities is Gary Shiffman. So, strategically, over time, we expect to more than capture that difference, certainly, on a multiple basis for the stickiness of the rental revenue versus the lower-margin business. Mr. Shiffman, you may begin. You can see the complete history of Mr. Shiffman stock trades at the bottom of the page. Sun Communities, Inc. (SUI) Southfield, MI. Occupancy in our Same Property MH and RV portfolio remained strong, increasing 180 basis points during 2022 to end the year at 98.6%. Last updated 24 days ago. Yes, Wes, it's Gary. Live from Dubai, connecting Asian markets to the European opens. They are all complete wrecks mostly from pre 1970. No. On a total portfolio basis, we expect total revenues from real property to increase between 8.1% and 8.7% in 2023, and expenses to increase between 13.5% and 13.9%. Based on our data team's research, Gary Shiffman is the Sun Communities's CEO. Thanks for that. The oldest executive at Sun Communities, Inc. is Clunet Lewis, 73, who is the Lead Independent Director. | 1 maart 2023 Our next question is from the line of Wes Golladay with Baird. 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. Thank you. Sun Communities, Inc. is an owner, operator and developer of manufactured housing communities. First, this article will compare CEO compensation with compensation at other large companies. And then, how are you guys thinking about the kind of payback as you kind of increase rate on the annual side? MH and RV Same Property NOI increased by 4.4% in the quarter. How much is the insurance as a percentage of operating percentage? I think it totally reflects quality, location and value of the assets in our portfolio. This is less of a Sun issue, an asset class issue or anything like that. And really look forward to John's 10-year operating our communities, in particular, manufactured housing and being able to transfer that over to the 16,000-site inventory we now have to grow by. As we know, that can go up and down. The pound is still devalued in comparison to this time last year, and it's -- most people travel within two hours to get to the properties. He is a member of our Executive Committee. So, we're not losing money or subsidizing anything. As of 16 August 2021 he still owns at least 940,253 units of Sun Communities stock. 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. 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. I'd like to thank all of our Sun team members who contributed extraordinary efforts to our collective success. Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? Gary A. Shiffman serves as Chairman of the Board of the Company. After their remarks, there will be an opportunity to ask questions. Sun Communities is a publicly traded real estate investment trust that invests in manufactured housing communities, recreational vehicle resorts, and marinas. Search over 700 Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. Okay. We are also providing certain guidance data points to help the investment community track Park Holidays' performance. We have about $117 million, $118 million coming due in the second half of the year and are being programmatic about locking in that cost today, as we've done over the course of the last couple of years. Find contact information for Sun Communities. So, paying down variable debt is probably something that allows us greater opportunity to create growth in the future or if there's something very accretive, we would look at that as well. {{ userNotificationState.getAlertCount('bell') }}. 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 that is -- that explains some of the increase on the debt side as well as purchasing the inventory that will ultimately start to produce income over the course of 2023. We're not going to reflect that different than our competitors and other asset classes. Our U.K. operations are included in our guidance for total NOI. About Us. Certainly with the headwinds of interest rates today, that is one big focus, Wes. There is nothing identified yet or nothing that is meaningful. Please go ahead. Our next question is from the line of Robyn Luu with Green Street. 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. About Sun Communities, Inc. Sun Communities, Inc. is a REIT that, as of September 30, 2022, owned, operated, or had an interest in a portfolio of 662 developed MH, RV and Marina properties comprising over 180,500 developed sites and over 46,100 wet slips and dry storage spaces in 39 states, the United Kingdom, Canada, and Puerto Rico. 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. The primary factor, as mentioned on the call, is going to be our interest expense for -- projected interest expense for 2023.