I mean it's not really discounts to push the volume, but I think when we walked in, I think part of the investment thesis that we shared in the beginning was the fact that we might thin the margin a little bit to gain more sites and gain more ongoing revenue, okay, on those sites. This concludes our prepared remarks. Research Tools Thank you. Sign up for a free account. These new sites will begin contributing revenue in 2023 and provide a new base for growth in the coming years. On a run rate trailing 12-month basis, our net debt-to-EBITDA ratio was 5.8 times. Email Formats. Garry Shiffman, age 67, helped his father Milton M. Shiffman, who was a medical practitioner, built Sun Communities. And a Car. The company's filing status is listed as Appointed 08/05/2005 and its File Number is F08203384. 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. 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. Gary A. Shiffman. 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. For the 31 properties Park Holidays has owned since at least January 2021, home sales rose 17%. Is this happening to you frequently? 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. In 2023, we expect total Same Property NOI across manufactured housing, RV and marinas to increase between 4.9% and 5.9%. Hi, everyone. 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. By continuing your navigation, you consent to their use. Thank you. (248) 208-2500 Phone (HQ) @suncommunities.com Email @gmail.com Email 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States Office Address (HQ) Reveal for Free Work Biography for Gary Shiffman, Sun Communities Occupancy in our Same Property MH and RV portfolio remained strong, increasing 180 basis points during 2022 to end the year at 98.6%. And so, it's something that we watch and talk about very closely as we think about what increases and how we can push further on both MH and RV. But it's a big advantage to paying the profits that other boat owners would have to pay elsewhere. So, from the end of September to the end of December, the pound did appreciate significantly. So, we're not losing money or subsidizing anything. Attorney General have been notify and have no control on rent increase unless the state pass a new law to protect the seniors citizen's rights on fixed income not to become homeless. I think I'd remind everybody, we're going back to more of a pre-COVID normal pattern. Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? We continue to evaluate parts of our portfolio where we think we can redeploy the capital with greater growth. Thanks for that. Last updated: 27 February 2023 at 4:00pm EST. I know the marinas [under the] (ph) safe harbor. 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. Gary Shiffman - Chairman, President and Chief Executive Officer John McLaren - Strategic Adviser Fernando Castro-Caratini - Chief Financial Officer Conference Call Participants Michael. How are you guys thinking about that? 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 attended Michigan State University. 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. 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. 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. 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. I think it totally reflects quality, location and value of the assets in our portfolio. This complaint was posted by a verified customer. And while these aren't loss leaders, we are passing off gas, fuel at our cost to attract members. 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. There are 4 older and 13 younger executives at Sun Communities. This documentary-style series follows investigative journalists as they uncover the truth. I think it's growing from there right now, that we've noticed rental increases. Sun Communities currently employs approximately 3,146 people. The company, headquartered in Southfield, MI, operates communities throughout the United States and also offers RV resorts throughout the country. I feel like throughout the fall, the messaging on the rate growth you were sending out was going to line up with expense growth. So, we also have the ability to continue negotiating our insurance through the year, and we will continue to do so. This company now owns 22 properties in Sky Harbor. 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? Career & Education - Company, University, & College Gary attended Michigan State University. With regard to external growth, since acquiring Park Holidays in April 2022, we have focused on integration as well as being very selective in our approach to acquisitions. Sure. Today marks a very special day, and really want to take this opportunity to thank John for his unbelievable stewardship, both as President and Chief Operating Officer since 2008, if I got that correct. Are you now, or have you ever been a victim of domestic violence? 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. I will now turn the call over to John and Fernando to speak to our results and guidance in detail. Is this your company? And then -- thank you for that. 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? Good morning, ladies and gentlemen, and thank you for standing by. Within our MH and RV portfolio, we gained over 2,900 revenue-producing sites for the year. Gary A. Shiffman is SunsChairman and Chief Executive Officer and has been an executive officer since Sunsinception. No materials from this website may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way. Lastly, our Board has raised our 2023 distribution to $3.72 per share, a 5.7% increase from the prior year. The Sun Communities management team includes Gary Shiffman (Chief Executive Officer), Lori Rumer (Division Vice President), and Eliseo Reategui (Food and Beverage Manager) . We're looking to build our new developments to a high single-digit unlevered IRR upon stabilization. Known Addresses for Gary Shiffman. 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. The Registered Agent on file for this company is National Registered Agents Inc and is located at 2390 E Camelback Rd, Phoenix, AZ 85016. 50 followers 40 connections. What industry does Sun Communities compete in? On the U.K. side, we're seeing enormous strength on the higher end of home buying, the more expensive homes increasing. So, your math as far as the headwind from an expense growth perspective tracks. Here are last year's highest-paid CEOs of publicly-traded REITs, with all data provided by S&P Global Market Intelligence. Is -- does the 15% reflect market prices? On the used -- pre-owned home side of things, ironically, we've seen demand that's so strong that we've been able to buy less inventory over a period of the last 12 months or so. And so basically, we're just executing the plan that we set out to do. The Last 12 Months Of Insider Transactions At Sun Communities. 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. Thanks a lot for taking my question. Yes, thanks, good morning. How construction costs changed on those? 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? Yes. And as we've talked about before, our business is really about reliable growth because of the strong demand and short supply. Hi, good afternoon. 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. 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. But that being said, we can't underscore the fact that with this increased cost, as Fernando mentioned of $18 million, we're still seeing at Same Property growth of 5.4% at the midpoint. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. 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. 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 Yes. Gary A Shiffman owns about 1,016,253 units of Sun Communities Inc common . I don't want anyone to think of it as a loss leader, because it's not a loss leader. Gary A. Shiffman serves as Chairman of the Board of the Company. 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. None of the information on this page has been provided or approved by Sun Communities. He has overseen the acquisition, rezoning, development, expansion and marketing of numerous manufactured home communities, as well as recreational vehicle communities. 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. At the midpoint, we were expecting 7.5% for this year. Submit a complaint and get your issue resolved. During the year, we achieved a record of over 2,900 revenue-producing site gains, driven by more than 2,250 conversions of transient RV sites to annual leases, which topped last year's record conversions of nearly 1,700 sites and represented a 36% year-over-year increase. So, that doesn't reflect market prices to 15%? No credit card required. I think you mentioned and maybe in the prepared comments that it was almost like a loss leader. 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. 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. You might contact Gary A Shiffman via mailing address: 27777 Franklin Road, Ste 200, Southfield Mi 48034. Thanks. . Biography of Gary Shiffman. Got it. He reportedly earns 11-16 million USD in annual compensation. 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. But in the effort of being totally transparent of where our costs have gone to, that's what is included in our guidance. 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. She joined us in 1998 as a Director of . Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. So, the 15%, just to clarify, the 15% does not reflect market prices for U.K. home sales? Same is true in the RV for vacationing. Lorem ipsum dolor sit, amet consectetur adipisicing elit. Search Search. . Yes, that's a great question. It reflects the environment for insurance at this point in time. Please go ahead. Explore this wiki for details such as Sun Communities CEO email, Gary Shiffman net worth, and Sun Communities net worth. I will now turn it over to Fernando to discuss our financial results in more detail. (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 Thank you. Stock Symbol. Reason #1 to Attend: Learn. Good morning, and thank you for joining us as we discuss fourth quarter and full year results for 2022 and our guidance for 2023. Healthpeak Properties CEO Email & Net Worth Tom Herzog, T. Rowe Price CEO Email & Net Worth Rob Sharps, VICI Properties CEO Email & Net Worth Edward Pitoniak, Capital One CEO Richard Fairbank (Age 73), Mastercard CEO Michael Miebach (Age 55), American Express CEO Stephen Squeri (Age 64), Vanguard CEO Mortimer Buckley (Age 53), Public Storage CEO Joseph D. Russell, Jr. (Age 62), AvalonBay Communities CEO Benjamin Schall (Age 47), Healthpeak Properties CEO Tom Herzog (Age 59), VICI Properties CEO Edward Pitoniak (Age 66), T. Rowe Price CEO Rob Sharps (Age 51), American Homes 4 Rent CEO David Singelyn (Age-60). Or has something kind of shifted in the model a bit? And I turn to John, who's overseeing that, to talk a little bit more about the particulars of the U.K. home sales. Thank you very much. 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. 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. You called out $18 million increase in property-related insurance. Those would be the primary reasons from that perspective. 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. We're very pleased with our 2022 achievements. But certainly, looking to actively manage our exposure to floating-rate debt. Get contact details including emails and phone numbers I guess just one for Fernando on the balance sheet. 4.0 . But I think when we talk about supply/demand, we talk about over 11 million vessels registered for 800,000, 900,000 wet and dry slips. Company Overview. (business & personal). 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. The fourth quarter continued to show strength. Sun Communities employees rate their Executive Team in the Top 50% of similar size companies on Comparably with 1,001-5,000 Employees. Identity theft? 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? Competitors. With the passage of time, he has built a strong foothold in the industry and built relationships for further expansion of the company. 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. So, our expectation is that we can't pass-through the expenses. 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. 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. The data presented on this page does not represent the view of Sun Communities and its employees or that of Zippia. As everyone might recall, strategically, we are always looking to convert lower-margin business over to the stickier side of rent. We always appreciate the opportunity to have these calls and speak about the business. Thank you. And they look at the claims that they've paid out versus the premiums they've taken in. Our next question is from the line of Anthony Powell with Barclays. 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. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. We are doing work that matters - connecting customers with businesses around the world and help them resolve issues and be heard. Sun Communities, Inc. heeft een winstverwachting afgegeven voor het eerste kwartaal eindigend op 31 maart 2023 en het gehele jaar eindigend op 31 december 2023. All-Age Communities; Active 55+ Communities. Please go ahead. We received an approximate 50% uplift in revenue in the first full year after conversion. Every home they own was meant for demolition. Out of their 1 competitor, Aspen Heights, Sun Communities' score . Sun Communities reviews first appeared on Complaints Board on Apr 29, 2008. Company profile for Sun Communities Inc. including key executives, insider trading, ownership, revenue and average growth rates. 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 And so, our expectation is a more normalized year-over-year transient growth. 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. The primary factor, as mentioned on the call, is going to be our interest expense for -- projected interest expense for 2023. Okay. And I think this is where when I referred to the fact we're seeing the reality of what's out there overall. 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. 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. . Value proposition of an RV vacation one to three hours from home opens Sun to new customers who discover or rediscover the joy of a long-term RV experience. Our next question is from the line of Brad Heffern with RBC Capital Markets. This is less of a Sun issue, an asset class issue or anything like that. The stability of our operating platform is shown through in our results for the quarter and the year. Voor het kwartaal verwachtte het. (Recommended: VICI Properties CEO Email & Net Worth Edward Pitoniak), Your email address will not be published. No credit card required. I think everything is under review. So, like Gary said, the demand continues to be very strong, so much so that we -- I think we shared before that we've built out almost 700 expansion sites over the course finishing in 2022, that all sold up in 2022, and look to expand another 500 going into the season this year, which will be filled up by the end of 2023. Yes. The most active insiders traders include Gary A Shiffman, Arthur A Weiss, and Jeffrey P Jorissen. Required fields are marked *. 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. Comment * Gary Shiffman . That is an increase of about 300 basis points over 2022. 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? 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. Why? Gary Shiffman. Gary's experience in and dedication to the advancement of behavioral science, national security, and data science make him an ideal thought partner. 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. There is nothing identified yet or nothing that is meaningful. 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. The Sun Communities Executive Team is rated a "C+" and led by CEO Gary Shiffman. Your email address will not be published. Job well done. (Suggested: Healthpeak Properties CEO Email & Net Worth Tom Herzog). 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. No credit card required. We look forward to our next call and certainly invite anyone to reach out to Fernando and his team with any follow-up questions. No. Hey, guys. Full year transient Same Property RV revenues grew by 3.1%, reflecting an average rate of growth of 14.1%, despite an almost 10% reduction in available site nights from the strategic conversion of transient sites to annual leases. Or is there some other explanation? 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 Hey, Josh, it's Gary. Operator? So, our expectation is that we will pass-through these costs through rental increases as we go forward because they're part of our operating business. Your NOI is expected to grow 4.5% to 5.7%. There are 4 older and 13 younger executives at Sun Communities. Mr Shiffman was appointed to the Board in December 2018. Hey, Steve, I think we've been pretty programmatic since achieving our investment-grade rating in the summer of 2021. Good morning, everyone. 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. And in his stewardship and direction over there, we believe we will derive great benefit for our shareholders as we go forward in an area that really differentiates us from all others in our asset class. Up to 5 For the fourth quarter, we reported core FFO per diluted share of $1.33, a 1.5% increase from the prior year. We have inventory of over 16,000 fully-entitled sites for development and delivery in future years, representing embedded continued growth. Looking for a particular Sun Communities employee's phone or email? 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. This review was chosen algorithmically as the most valued customer feedback. 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? 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. This year there were 200 companies that made the list . Find contact information for Sun Communities. And would you expect your volume of acquisitions in 2023 to be lower or higher than 2022? Yes, Wes, it's Gary. As of 2022, Sun Communitiess net worth stands at 20-24 billion USD. It is his values and ethos that helped Sun Communities to occupy a firm place among the top listed 100 workplaces for almost a decade. Sure. And then to further reduce the floating rate exposure, are you looking to use interest rate swaps or utilize fixed-rate debt? And we will closely evaluate and continue to evaluate our exposure that is impacted by insurance as we go forward. Keegan, I'll give you the comparative for Same Property. Total Compensation for Fiscal Year Ending in 2021: $ . John? So, ex that drag, is the expense growth 6% to 7% and matching kind of like the top-line growth? We are also establishing guidance for first quarter 2023 core FFO per share in the range of $1.15 to $1.20. No. Gary Shiffman About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form. 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. The strength of our portfolio is a direct result of our irreplaceable locations, the hard work of our team members and our continued reinvestment in our communities. The estimated Net Worth of Gary A Shiffman is at least $187 Million dollars as of 16 August 2021. So, it really is the feeder, if you will. Similar Profiles. Today, we stand at about 16% floating-rate debt. And that's an area that we're focusing on, and there are also smaller margins on the lodges than there are on the lower-based homes. Got it. Or are you perhaps pushing discounts to get the volume? It's a great question. So, should this only grow with acquisitions? Our next question is from the line of Steve Sakwa with Evercore ISI. Throughout 2022, we continue to focus on corporate expense rationalization, including process efficiencies and reducing our office footprint. So, seeing the demand, where it is now, is very encouraging for us. 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. 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. Sun Communities, Inc. is a REIT that, as of December 31, 2020, owned, operated, or had an interest in a portfolio of 552 developed MH, RV and marina properties comprising over 188,000 developed sites in 39 states and Ontario, Canada. 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. Sun Communities Inc. 31700 Middlebelt Road, Suite 145 Farmington Hills, Michigan 48334 U.S.A. Telephone: (248) 932-3100 Fax: (248) 932-3072 Web site: http://www.suncommunities.com Public Company Incorporated: 1985 Employees: 513 Sales: $151.3 million (2000) Stock Exchanges: New York Ticker Symbol: SUI NAIC: 52593 Real Estate Investment Trusts 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. 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