So, that doesn't reflect market prices to 15%? After their remarks, there will be an opportunity to ask questions. Get contact details including emails and phone numbers Sun Communities is a real estate investment trust company and manufactured home communities and RV resorts provider. So, it really is the feeder, if you will. Identity theft? As of 2022, Sun Communitiess net worth stands at 20-24 billion USD. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. Okay. These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. With regard to home sales, our average new home selling price in the U.S. was $196,000 for the quarter, reflecting the high demand at and strategic locations at our properties. Gary's mailing address filed with the SEC is 27777 FRANKLIN ROAD, SUITE 300, SOUTHFIELD, MI, 48034. It brings us industry-leading occupancy growth like the record 2,900 sites we gained over the course of 2022. SUN COMMUNITIES INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. The chart below shows insider transactions (by companies and individuals) over the last year. Your email address will not be published. Hi, everyone. 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. The primary factor, as mentioned on the call, is going to be our interest expense for -- projected interest expense for 2023. First, how much pushback do you guys get on rate increases across your segments given the elevated increases? Good morning, everyone. Just one quick one from me on acquisitions. One is running the whole community into the ground. 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. Gary Shiffman bought 364.42k shares over the last 12 months at an average price of US$195. Thank you. So, we're not losing money or subsidizing anything. Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. I wanted to follow up on the previous question on home sale trends in the U.S. and U.K. 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. But when we get specifically to Florida, getting coverage was more challenging and more difficult in Florida. Sure. One of the key factors of our business that we are able to pass on, expenses in the form of rental increases. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. One last one from me. 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? Known Addresses for Gary Shiffman. 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. Hey, Josh, it's Gary. Development is in Sun's DNA. John? 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. Explore this wiki for details such as Sun Communities CEO email, Gary Shiffman net worth, and Sun Communities net worth. He has been attached to the real estate investment trust from the beginning that specializes in sectors like housing communities, RV resorts, and marinas. When was your -- when did your insurance renewal take place? Importantly, we expect our G&A as a percentage of revenue to decline this year. Please go ahead. We're very pleased with the performance of all. No. Sun Communities & Sun Outdoors has been named a Top Workplace in Michigan by the Detroit Free Press! CFO at Sun Communities Southfield, Michigan, United States. You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com. Yes, we are seeing positive strength there. And then to further reduce the floating rate exposure, are you looking to use interest rate swaps or utilize fixed-rate debt? I think everything is under review. Maybe first on same store revenue expectations for '23. Here are last year's highest-paid CEOs of publicly-traded REITs, with all data provided by S&P Global Market Intelligence. Gary A. Shiffman is the CEO of Sun Communities, Inc. Mr. Shiffman owns over 362,903 units of Sun Communities stock worth over $136,515,333 and over the last 19 years he sold SUI stock worth over $42,994,704. So, you will continue to see an emphasis on that strategy as we go forward. 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? 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. 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? This documentary-style series follows investigative journalists as they uncover the truth. That being said, we firmly feel that these SRD&E activities, especially the service, is very, very important to the occupancy and to the stickiness and demand for the safe harbor marinas as compared to marinas that don't offer the service. I feel like throughout the fall, the messaging on the rate growth you were sending out was going to line up with expense growth. To find out more about what we have to offer, visit a community near you or contact us. Sun Communities CEO Gary Shiffman believes that clients and employees are the greatest assets of a company. So, because there is a cost associated with over 16,000 sites that we've already bought and paid for, that are not yielding any return, we carry on debt. And I'll let John talk really about a 40-year history of manufactured housing. So that is one area. Good morning, and thank you for joining us as we discuss fourth quarter and full year results for 2022 and our guidance for 2023. (business & personal). Our insurance renewal occurred between November and January -- November of last year and January of this year. Garry Shiffman, age 67, helped his father Milton M. Shiffman, who was a medical practitioner, built Sun Communities. We have built our culture around a simple customer service philosophy: The Golden Rule. We did over since December of 2021 about 850 of treasury locks and swaps. 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. We're very pleased with our 2022 achievements. Within our MH and RV portfolio, we gained over 2,900 revenue-producing sites for the year. And as we've shared, again, that today, one of the areas that I think differentiates Sun and gives us the greatest opportunity is the ability to create new ground-up developments and expand our manufactured housing portfolio. 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 . 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. 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. Safe Harbor owns and operates 101 marinas in the U.S. with a network of nearly 40,000-member boat owners in 22 states. As I assume my new responsibilities focusing on our MH development efforts, I look forward to supporting Bruce and the entire team. Good luck this year. The company's filing status is listed as Appointed 08/05/2005 and its File Number is F08203384. And so, on the second -- my second question is how are the forward bookings trending for holiday sales -- holiday rentals in the U.K.? Yes, the company is profitable. Sun Communities employees rate their Executive Team in the Top 50% of similar size companies on Comparably with 1,001-5,000 Employees. 1975: Milton M. Shiffman begins acquiring manufactured housing communities. Technologies. Legal taxes and insurance of our Same Property portfolio represent -- are expected to represent about 10% this year. I think just general good stewardship of how we think about reducing that variable debt. So, home sale prices fell by 15% from last quarter in the U.K., but was flat in U.S. MH business. Mr Shiffman is currently Chairman and Chief Executive Officer of Sun Communities, Inc. (NYSE:SUI) Mr Shiffman has . During 2022, we delivered 2,000 new expansion and greenfield development sites in North America, which was at the high end of our guidance. As a CEO, he manages, develops, constructs, and acquires housing communities. Your email address will not be published. Get contact details including emails and phone numbers So, things are rock-solid. 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. With respect to ESG, we continually identify ways that we can enhance our corporate citizenship. So, ex that drag, is the expense growth 6% to 7% and matching kind of like the top-line growth? Yes, Wes, it's Gary. I'll address the marine part, and you can talk about the rest of the portfolio, John. We feel it's definitely recoverable. And we expect about 60% of these revenue-producing sites to come from RV transient site conversions to annual leases. 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. We are nearly 95% booked, which is better than we were at this time last year for Q1. So, we have a stringent policy there. Hey, guys. For the full year, Same Property MH and RV NOI grew 5.4%, driven by a 5.7% increase in revenue and a 6.2% increase in expenses. Total portfolio occupancy of 96.8% includes newly delivered development and expansion sites. Our next question is from the line of John Kim with BMO Capital Markets. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. 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 Please go ahead. In 2023, we expect total Same Property NOI across manufactured housing, RV and marinas to increase between 4.9% and 5.9%. Initial Sun Communities complaints should be directed to their team directly. 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. And the fact that they're direct selling their homes, so there's no interruption in rent to us, but we're not able to buy the inventory to flip into the used homes as we have been. Sign-In-To-Your-Account. How to write a complaint about Sun Communities? That 90% is ahead of the same time last year and the previous years. His association with Sun Communities goes back to its inception. Reason #1 to Attend: Learn. Because you obviously expect to compare a lot of sites, which means the comparative pool for transient is going to be much lower. Demand for our manufactured housing communities and RV locations is evident in our consistently high occupancy levels, gains in revenue-producing sites and solid Same Property NOI growth. Reason #2 to Attend: Network. This will surely increase the credibility of your complaint. (Suggested: Healthpeak Properties CEO Email & Net Worth Tom Herzog). Gary Shiffman. So, it's going to take a real opportunity. Yes. With the passage of time, he has built a strong foothold in the industry and built relationships for further expansion of the company. Fernando? Enter employee name to find & verify emails, phones, social links, etc. Our Communities. 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.. Gary A. Shiffman serves as Chairman of the Board of the Company. Please go ahead. She joined us in 1998 as a Director of . Thank you. Musks TeslaMaster Plan Lacks Drive. 35 Ratings. There is a fair amount of competition out there and some discounting that's taking place outside of the Park Holidays and the more inferior properties, but I think it's driving people to expect quality at Park Holidays. Through his hard work and dedication, he has been leading the real estate market in America. Submit a complaint and get your issue resolved. 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. And I think our strategy has really stood the test of time. This year marks Sun's 30th year as a public company. There are no executives at Sun Communities getting paid more. Last updated 24 days ago. So, seeing the demand, where it is now, is very encouraging for us. 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? Safe Harbor Marinas Acquired for $2.1 Billion. Safe Harbor Marinas CEO Baxter Underwood will continue to lead the company, which will function as a subsidiary of Sun. Thank you very much. Got it. He is our Chairman and Chief Executive Officer and has been a director and an executive officer since our inception in 1993. So, our expectation is that we can't pass-through the expenses. Thank you. Is this happening to you frequently? That is on a base of approximately 7.5% to 8% fewer site nights. 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, you did mention potentially asset recycling. And the demand for affordable housing has never been stronger in those markets, so it speaks to the high occupancies, the ability to push through inflationary rental increases. I mean you look at everything, whether it's earthquakes in Turkey and so forth that's impacting the cost of insurance for everybody. If you're not automatically redirected, please click here. Like is there a way to kind of recover it kind of over the long term? Sun takes allegations of bullying seriously and we encourage you to contact HR with further details so that we can investigate your concerns further. Our next question is from the line of Brad Heffern with RBC Capital Markets. How construction costs changed on those? 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. KAREN J. DEARING. {{ userNotificationState.getAlertCount('bell') }}. And as previously announced, we added Jeff Blau, CEO of Related Companies, to our Board of Directors. If you have an ad-blocker enabled you may be blocked from proceeding. Yes. ET. 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. And certainly, in the U.K. as the second vacation home, an alternative to more expensive vacationing in the U.K. Got it. How much is the insurance as a percentage of operating percentage? Find contact information for Sun Communities. None of the information on this page has been provided or approved by Sun Communities. A follow-up question on insurance. 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. 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But certainly, as we look out at expectations from a market perspective, there's potential for 2023 to set baseline as far as interest expense and then that either becomes neutral or a tailwind heading into future years. Gary A. Shiffman. 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. The Leadership score includes details about how employees evaluate their executive team, CEO and manager. This is less of a Sun issue, an asset class issue or anything like that. This concludes our prepared remarks. Main Telephone (248) 208-2500 Primary Address 27777 Franklin Road Suite 200 Southfield, MI 48034 USA 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. 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. 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. The CEO of Sun Communities, Inc. ( NYSE:SUI) is Gary Shiffman. Yes. 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. As we look at our -- as we look strategically at the portfolio, and Gary mentioned in his remarks, right, we can -- we look at our investment program and ground-up development and expansion, we will be able to practically self-fund our investment activity in 2023, are selectively looking at opportunities on the capital recycling front, there's a couple of assets here and there, that over time can also reduce variable-rate debt. This company now owns 22 properties in Sky Harbor. 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. Affiliated Unions; Executive Council . Why? At the midpoint, these rental increases are 6.3% for manufactured housing, 7.8% for RV and 7.5% for marinas. We anticipate investing roughly $200 million in our ground-up development and expansion activity. It reflects the environment for insurance at this point in time. SUN COMMUNITIES, INC. is an Arizona Business filed on October 7, 1997. 5 free lookups per month. At year-end, our combined MH and RV occupancy was nearly 97%, reflecting approximately 96% occupancy within our manufactured housing portfolio. Sure. What were they on the marina side, Fernando? 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? It does look like it's going down a little bit year-over-year. It tracks over a 30-year period of time that will go up and down a little bit, so we don't see that as anything negative whatsoever. 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. 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 . Steve, I can share with you, as of this point, and I'll let John go more into specific sales. Please go ahead. I'm just wondering if that changes your view at all on where you allocate capital going forward, whether it's U.K., Midwest or some other markets where it may alleviate some of these factors. Thank you. Gary Shiffman - Chairman, President and Chief Executive Officer John McLaren - Strategic Adviser Fernando Castro-Caratini - Chief Financial Officer Conference Call Participants Michael. 27777 Franklin Rd, Ste 200, Southfield, Michigan 48034, US, View It does not include the impact of prospective acquisitions, dispositions or capital markets activities, which may be included in research analyst estimates. But certainly, looking to actively manage our exposure to floating-rate debt. 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. Or is there some other explanation? So, we don't currently see those type of headwinds that you're suggesting in the marina business. Are you now, or have you ever been a victim of domestic violence? Sun Communities, inc ( SUI -0.28%) Q2 2021 Earnings Call. Your Same Property NOI is growing 4.9% to 5.9%, yet your guidance is calling for earnings to be down in 2023. The Last 12 Months Of Insider Transactions At Sun Communities. Of the 3,100 at the high end, 60% is expected on the RV side. 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%. We don't have it broken down individually to Florida. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. Please go ahead. ComplaintsBoard.com is an independent complaint resolution platform that has been successfully voicing consumer concerns since 2004. And how is kind of the ROI profile of your development sites evolved the past 12 months? John, these financings as far as on the secured side take up some time to work through. With Shiffman's guidance, he began building. The marinas, currently owned and operated by Dallas-based Safe Harbor Marinas, include locations in [] Mr. Shiffman, you may begin. Search Search. Gary A. Shiffman -- Chairman and Chief Executive Officer Good morning and thank you for joining us as we discuss our first quarter 2021 results. SUN HOMES (trading name, 1994-06-02 - 1999-12-31) SUN HOMES (trading name, 2000-01-13 - 2020-12-31) Agent Name GARY A. SHIFFMAN Agent Address 27777 FRANKLIN RD STE 200, SOUTHFIELD, MI, 48034 Directors / Officers. Hi, good afternoon. million verified professionals across 35 million companies. So, we're running a little bit ahead. Throughout 2022, we continue to focus on corporate expense rationalization, including process efficiencies and reducing our office footprint. Please go ahead. ComplaintsBoard.com is a leading complaint resolution website on the Internet. 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. Required fields are marked *. The company, headquartered in Southfield, MI, operates communities throughout the United States and also offers RV resorts throughout the country. Appreciate the color, Gary. Thanks. Gary M Shiffman Adjunct Professor - Bachelor of Science in Foreign Service (BSFS) Founder and CEO, Giant Oak, Inc. We can follow up, that's a very quick follow-up with you after the call. As we look ahead to 2023, we once again expect to deliver a year of solid Same Property growth. Is that seasonal? What Unions Do; Form a Union; What We Care About; Take Action; Gary Shiffman. That is an increase of about 300 basis points over 2022. We've also taken advantage of the fact that our assets that are still under secured financing or still have mortgages, because of their strong performance, we're able to borrow up on existing financings and did a $311 million one that closed between December and January over the course of the last couple of months. 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. Yes. Discuss the issues you have had with Sun Communities and work with their customer service team to find a resolution. Find contact details for 700 million professionals. I don't have that broken out here in front of me. Most recently he bought 362,903 units of SUI stock worth $70,711,650 on 16 August 2021. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. Next, we'll consider growth that. 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. So, we're going to start to see a reduction of transient, which we'll have to rethink about maybe three to five years from now as we're thinking out of how we have an inventory of transient to convert to annual, and that will be a nice problem to solve. 1985: The company incorporates in order to expand further. Okay. 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. Gary A Shiffman owns about 1,016,253 units of Sun Communities Inc common . No materials from this website may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way. Company Overview. Sun Communities corporate office is located in 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States and has 1,963 employees. Our next question is from the line of Anthony Powell with Barclays. They are all complete wrecks mostly from pre 1970. Together, the two parks one in Jurupa Valley and another in Banning, accordingContinue reading He is a member of our Executive Committee. Lastly, our Board has raised our 2023 distribution to $3.72 per share, a 5.7% increase from the prior year. We continue to evaluate parts of our portfolio where we think we can redeploy the capital with greater growth. (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 Please DO NOT add attachments that contain your or other peoples personal information, if you dont want it to be visible to the public. 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. Gary A. Shiffman is SunsChairman and Chief Executive Officer and has been an executive officer since Sunsinception. But it is interesting, as John pointed out, we've seen some higher growth on the higher end of what they referred to as the lodges. 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. These new sites will begin contributing revenue in 2023 and provide a new base for growth in the coming years. 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. 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). Hey, guys. Looking for a particular Sun Communities employee's phone or email? Having turned over these units, we are now able to realize higher rents on incoming leases. 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Powell with Barclays on Same store revenue expectations for '23 factors of our Same portfolio. Be directed to their team directly strong foothold in the U.K. as second. We have to offer, visit a community near you or contact us crimes of the portfolio, we running. Manages, develops, constructs, and we expect total Same Property NOI is 4.9. Communities complaints should be directed to their team directly 3,100 at the midpoint, these rental are! That we can investigate your concerns further factor, as of 2022, we continually identify ways that we enhance. And operates 101 marinas in the industry and built relationships for further expansion the. Be directed to their team directly a resolution the elevated increases their Executive team, CEO Sun! Calling for Earnings to be down in 2023, we added Jeff Blau, CEO manager! 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