Required fields are marked *. Please go ahead. CFO at Sun Communities Southfield, Michigan, United States. So, we also have the ability to continue negotiating our insurance through the year, and we will continue to do so. In Payments, Like Geopolitics, India Seeks a Third Way, Subaru, Nintendo Step Up for LGBTQ Workers in Conservative Japan, Visitors Flock to Macau Again, But Its Gambling Dependence Draws Beijings Ire, Gina Raimondo Becomes China Player in a Job Where Her Predecessor Used to Nap, UK Mothers Say It No Longer Makes Financial Sense to Work, Starbucks Illegally Fired 6 New York Union Activists, Judge Rules, Australia Prepares for a Power Grid Without Spinning Turbines, Another Blow to City Centers: Retail Stores Move Outward, New York City Isnt Waiting for the White House to Enforce Fair Housing, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. 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. 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. Mr. Shiffman is an executive officer and a director of SHS and all of our other corporate subsidiaries. Het koersdoel wordt verlaagd van 166 naar 161 USD. Gary Shiffman Chairman & Chief Executive Officer Sun Communities, Inc. Gary A. Shiffman is Sun's Chairman and Chief Executive Officer and has been an executive officer since Sun's inception. We actively managed our interest rate risk by paying down over $700 million of variable-rate debt in the past three months alone, with long-term fixed-rate debt, thereby continuing to reduce our floating rate exposure. 55+ Home Options; 55+ Lifestyle; 55+ Signature Communities; 55+ Signature Florida Communities; Rent a Home; Relocate a Home; Referral Program; RV Communities; About Us; Join Our Team; Investors; Acquisitions; Sun Unity; Digital Accessibility; Customer Login Gary Shiffman - Chairman, President and Chief Executive Officer John McLaren - Strategic Adviser Fernando Castro-Caratini - Chief Financial Officer Conference Call Participants Michael. 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. Hey, guys. Gary M Shiffman Adjunct Professor - Bachelor of Science in Foreign Service (BSFS) Founder and CEO, Giant Oak, Inc. No. So, we don't currently see those type of headwinds that you're suggesting in the marina business. Of the 3,100 at the high end, 60% is expected on the RV side. She joined us in 1998 as a Director of . I feel like throughout the fall, the messaging on the rate growth you were sending out was going to line up with expense growth. We have built our culture around a simple customer service philosophy: The Golden Rule. Lastly, our Board has raised our 2023 distribution to $3.72 per share, a 5.7% increase from the prior year. When was your -- when did your insurance renewal take place? I guess just one for Fernando on the balance sheet. 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. So, in the Park Holidays portfolio, correct [if I'm getting] (ph) this wrong, 40% of all homebuyers have stayed in one of the rentals in the property and 60% of all buyers have stayed in a rental, in a park, in a holiday property. Musks TeslaMaster Plan Lacks Drive. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. 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. Team Members. I think from the booking pace perspective, right now, we are trending just a little bit ahead of last year, which is great. As Chairman and Chief Executive Officer at SUN COMMUNITIES INC, Gary A. Shiffman made $13,828,288 in total compensation. 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. Looking for a particular Sun Communities employee's phone or email? Search over 700 Use this comments board to leave complaints and reviews about Sun Communities. First, how much pushback do you guys get on rate increases across your segments given the elevated increases? 4.9% growth in revenues reflected a 5% increase in weighted average monthly rent and a 180-basis point occupancy gain. Insider Trading History of Gary A Shiffman . You can find contact details for Sun Communities above. 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. 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. Gary A. Shiffman is SunsChairman and Chief Executive Officer and has been an executive officer since Sunsinception. Comment * If you have an ad-blocker enabled you may be blocked from proceeding. At year-end, our combined MH and RV occupancy was nearly 97%, reflecting approximately 96% occupancy within our manufactured housing portfolio. 35 Ratings. Occupancy in our Same Property MH and RV portfolio remained strong, increasing 180 basis points during 2022 to end the year at 98.6%. Good morning, everyone. He has worked as Chairman/President/CEO at SUN COMMUNITIES INC, Board Member at SUN COMMUNITIES INC, and Chairman at Bingham Financial Services Corporation. Gary A. Shiffman. I'll now turn the call over to Gary Shiffman, Chairman, President and Chief Executive Officer. There is nothing identified yet or nothing that is meaningful. Gary Shiffman About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form. Our guidance assumes we increase revenue-producing sites by 2,800 to 3,100 sites in 2023. In 2022, core FFO per share grew 12.9%, driven by strong demand for our offerings as well as our accretive investment activity. Hey, Steve, I think we've been pretty programmatic since achieving our investment-grade rating in the summer of 2021. We negotiate as a package. We prefer the stickiness of the rent over the one-time margin on the home sales. Main Telephone (248) 208-2500 Primary Address 27777 Franklin Road Suite 200 Southfield, MI 48034 USA Email Format Management Sun Communities Management Sun Communities employs 798 employees. Welcome to the Sun Communities Fourth Quarter and Year End 2022 Earnings Conference Call. 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. Is -- does the 15% reflect market prices? For the 31 properties Park Holidays has owned since at least January 2021, home sales rose 17%. One is running the whole community into the ground. 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? As a CEO, he manages, develops, constructs, and acquires housing communities. GARY A. SHIFFMAN, agent; GARY SHIFFMAN, director; JOHN B MCLAREN, president; KAREN J DEARING, treasurer; KAREN J DEARING, secretary Good morning, and thank you for joining us as we discuss fourth quarter and full year results for 2022 and our guidance for 2023. Development is in Sun's DNA. 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. Those would be the primary reasons from that perspective. 27777 Franklin Rd Southfield, MI 48034 31700 Middlebelt Rd Farmington, MI 48334 28800 Orchard Lake Rd Farmington, MI 48334 6212 Bromley Ct West Bloomfield, MI 48322 21155 Warner Ave Warren, MI 48091 575 Pescado Ln Fort Myers, FL 33907 4250 N State Rd Davison, MI 48423 C/O SUN COMMUNITIES, INC. 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 said the purchase diversifies its geographic and demographic footprint. What Could Elon Musk Possibly Be Thinking? 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. Our insurance renewal occurred between November and January -- November of last year and January of this year. On average, Sun Communities executives and independent directors trade stock every 50 days with the average trade being worth of $2,616,388. Mr Shiffman is currently Chairman and Chief Executive Officer of Sun Communities, Inc. (NYSE:SUI) Mr Shiffman has . Thank you. So, we're not running to shed assets, but we are reviewing them very, very carefully as to growth. 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. No materials from this website may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way. 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 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. (Podcast), Chairman/President/CEO, Sun Communities Inc. In addition, he makes $7,969,260 as Chairman of the Board at Sun Communities. 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. This information is according to proxy statements filed for the 2021 . 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 The following quote is from Shiffman's recent Sun Q1 2021 earning's call. million verified professionals across 35 million companies. Thank you. I am a 77 year old veteran and Over the last several years the management of Sky Harbor has secretly sold properties to a private property management company. So, there's no specific plan. And we will closely evaluate and continue to evaluate our exposure that is impacted by insurance as we go forward. 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. New home sales are up. Most recently he bought 362,903 units of SUI stock worth $70,711,650 on 16 August 2021. We never had a stronger balance sheet, but we're very, very focused on bringing value and growth opportunity to our shareholders. Bloomberg Daybreak Middle East. 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. | 27 februari 2023 As a reminder, this call is being recorded. Garry Shiffman, age 67, helped his father Milton M. Shiffman, who was a medical practitioner, built Sun Communities. 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. Your email address will not be published. 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. Affiliated Unions; Executive Council . SUN COMMUNITIES, INC. is an Arizona Business filed on October 7, 1997. free lookups / month. 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. It reflects the environment for insurance at this point in time. Manage Products and Account Information Support Americas +1 212 318 2000 EMEA +44 20 7330 7500 Asia Pacific +65 6212 1000 Company About Careers Diversity and Inclusion Tech At Bloomberg. We 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. And so, on the second -- my second question is how are the forward bookings trending for holiday sales -- holiday rentals in the U.K.? Although the company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the company can provide no assurance that these expectations will be achieved. 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. Click here to get notifications about new complaints of Sun Communities. Maybe a follow-up on that in terms of the development sites. Up to 5 That is on a base of approximately 7.5% to 8% fewer site nights. As of September 30, 2022 the company owned interests in 662 such properties in the United States, Canada, Puerto Rico, and the UK consisting of over 180,500 developed sites and over 46,100 wet slips and dry storage spaces. The U.K. market for holiday parks remains highly fragmented. And while these aren't loss leaders, we are passing off gas, fuel at our cost to attract members. Like is it a two-year kind of payback, three-year? Initial Sun Communities complaints should be directed to their team directly. It's actually one that we started on in July of the second quarter. For the fourth quarter, we reported core FFO per diluted share of $1.33, a 1.5% increase from the prior year. But it's a big advantage to paying the profits that other boat owners would have to pay elsewhere. 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. Included in this expected expense growth is an approximately $18 million increase in property-related insurance costs. Or are you perhaps pushing discounts to get the volume? Throughout 2022, we continue to focus on corporate expense rationalization, including process efficiencies and reducing our office footprint. Sure. Sun Communities currently employs approximately 3,146 people. Email Formats. Sun Communities has resolved 0 complaints. I think it's one of the high points that we've seen. We are doing work that matters - connecting customers with businesses around the world and help them resolve issues and be heard. 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. We're looking to build our new developments to a high single-digit unlevered IRR upon stabilization. All-Age Communities; Active 55+ Communities. ComplaintsBoard.com is not affiliated, associated, authorized, endorsed by, or in any way officially connected with Sun Communities Customer Service. For the full year 2022, Sun delivered approximately 1,160 expansion sites at 11 existing communities and over 840 sites at six development communities in the U.S. for a total of 2,000 future revenue-producing sites. And the scale and size, John, I think we're able to get best-in-class pricing, so to speak, and it is a question that we certainly asked. We look forward to our next call and certainly invite anyone to reach out to Fernando and his team with any follow-up questions. They definitely came in looking pretty strong, so just a few questions. Please go ahead. 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. How construction costs changed on those? 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