Thank you. 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 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. Please. 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, Inc. 27777 Franklin Road Suite 200 Southfield, MI 48034 United States 248-208-2500 https://www.suncommunities.com Sector(s) : Real Estate Industry : REITResidential Full Time . I think just general good stewardship of how we think about reducing that variable debt. Thank you. Okay. Gary A. Shiffman serves as Chairman of the Board of the Company. I think I'd remind everybody, we're going back to more of a pre-COVID normal pattern. 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? We have begun to see it decline. Please go ahead. These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. Similar Profiles. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. 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. Development is in Sun's DNA. So that is one area. Thank you. I don't believe we'll lose any opportunities because Sun always has a seat at the table and just about all of the sellers will reach out to Sun, either directly or through a relationship or brokerage. That's a result of adding sites to the portfolio through expansion. After their remarks, there will be an opportunity to ask questions. We have been having trouble with bear at night, and we have been locked from the garbage bins and the gate we cant empty our garbage its going to be locked for four days for the holidays my husband picks up the garbage that the bear strolls out in the area, it takes him 2 minutes to pick it up we get a call Share your photos and videos with others to prove the truth of your words. 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? 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 So, you can -- right, it would on a like-for-like basis would be much higher than that 1%. 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. All-Age Communities; Active 55+ Communities. There are no executives at Sun Communities getting paid more. We were expecting about a 90-basis point increase year-over-year in revenue from transient RV. Trying to grab the paperwork here. 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. 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. 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. Legal taxes and insurance of our Same Property portfolio represent -- are expected to represent about 10% this year. 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Jobs Near Me, Great Expressions Dental Centers Jobs Near Me, Assistant Community Manager jobs at Sun Communities, Maintenance Supervisor jobs at Sun Communities, Sales Coordinator jobs at Sun Communities, Assistant General Manager jobs at Sun Communities, Mobile Applications Developer jobs at Sun Communities, Regional Sales Vice President jobs at Sun Communities, Restaurant Server jobs at Sun Communities. You guys are -- there's a membership program where now you can get your annual [indiscernible] at cost. Live from Dubai, connecting Asian markets to the European opens. 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. Find contact details for 700 million professionals. Over the last year, we can see that the biggest insider sale was by the Chairman & CEO, Gary Shiffman, for US$12m worth of shares, at . So curious for your thoughts there. 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. Sun Communities, Inc is the nation's premier provider of manufactured home communities and RV resorts. 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? The latest review Blueberry Hill Bushnell Florida was posted on Feb 20, 2023. Bloomberg Daybreak Middle East. Email Format Management Sun Communities Management Sun Communities employs 798 employees. Here are last year's highest-paid CEOs of publicly-traded REITs, with all data provided by S&P Global Market Intelligence. Like, obviously, like insurance jumped up a lot this year outside of your control a little bit. I'd like to thank all of our Sun team members who contributed extraordinary efforts to our collective success. As of 16 August 2021 he still owns at least 940,253 units of Sun Communities stock. And would you expect your volume of acquisitions in 2023 to be lower or higher than 2022? 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. Yes. 10 free leads on us . 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, the 15%, just to clarify, the 15% does not reflect market prices for U.K. home sales? Last updated 24 days ago. She joined us in 1998 as a Director of . Our next question is from the line of Brad Heffern with RBC Capital Markets. Hi, Michael. This year marks Sun's 30th year as a public company. ComplaintsBoard.com is an independent complaint resolution platform that has been successfully voicing consumer concerns since 2004. 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. If you're not automatically redirected, please click here. View more questions & answers Overview of Sun Communities complaint handling We also did swap 400 million of our pound sterling term loan in the U.K. It has accretiveness and embedded growth where we can justify deploying capital in this environment and deliver the kind of growth our stakeholders are used to. Every home they own was meant for demolition. Could you maybe go into the three deals you did in December, MH, RV, marina in terms of cap rate sourcing? You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com Where is Sun Communities located? SUI earnings call for the period ending June 30, 2021. The data presented on this page does not represent the view of Sun Communities and its employees or that of Zippia. 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. 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 . {{ userNotificationState.getAlertCount('bell') }}. Next, we'll consider growth that. ET. Please go ahead. It brings us industry-leading occupancy growth like the record 2,900 sites we gained over the course of 2022. The oldest executive at Sun Communities, Inc. is ClunetLewis, 73, who is the Lead Independent Director. He is a member of our Executive Committee. Sun Communities currently employs approximately 3,146 people. We prefer the stickiness of the rent over the one-time margin on the home sales. 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). Sign up for a free account. 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. 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. What were they on the marina side, Fernando? 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 of 2022, Sun Communitiess net worth stands at 20-24 billion USD. How construction costs changed on those? Lastly, our Board has raised our 2023 distribution to $3.72 per share, a 5.7% increase from the prior year. And as we shared with the original information we provided on the deal, Brexit still makes it difficult to travel in the continent. Sign-In-To-Your-Account. 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. Sun Communities, Inc. is a REIT that, as of October 30, 2020, when it completed its acquisition of Safe Harbor Marinas, LLC, owned, operated, or had an interest in a portfolio of 532 properties . We maintain a solid relationship with our resident base, which is also our sales force. What Unions Do; Form a Union; What We Care About; Take Action; Gary Shiffman. About Us. Sure. Search Search. 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. GARY A. SHIFFMAN Chairman Director since: 1993 Committee Executive Directorship Experience Executive officer and director of SHS Qualifications, Attributes, Skills and Experience Actively involved in the management, acquisition, rezoning, expansion, marketing, construction and development of MH communities and RV resorts for over 30-plus years 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. It's actually one that we started on in July of the second quarter. Got it. I don't want anyone to think of it as a loss leader, because it's not a loss leader. Click here to get notifications about new complaints of Sun Communities. We anticipate investing roughly $200 million in our ground-up development and expansion activity. So, your math as far as the headwind from an expense growth perspective tracks. Our next question is from the line of John Kim with BMO Capital Markets. And we will closely evaluate and continue to evaluate our exposure that is impacted by insurance as we go forward. And I think this is where when I referred to the fact we're seeing the reality of what's out there overall. Out of their 1 competitor, Aspen Heights, Sun Communities' score . 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. 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. 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. We've just elected to shift smaller margin over to higher valuation in the form of sticky rent. So, seeing the demand, where it is now, is very encouraging for us. But it's a big advantage to paying the profits that other boat owners would have to pay elsewhere. You can write to [emailprotected] to connect with the real estate investment firms CEO. Our guidance assumes we increase revenue-producing sites by 2,800 to 3,100 sites in 2023. Mr Shiffman was appointed to the Board in December 2018. Great. 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. million verified professionals across 35 million companies. Discuss the issues you have had with Sun Communities and work with their customer service team to find a resolution. No materials from this website may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way. 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. I will add that we did speak to them the other day. Additionally, we regularly evaluate our portfolio for capital recycling opportunities to enhance our long-term growth profile. Gary A. Shiffman; CEO, President & Chairman; Sun Communities, Inc. John Bandini McLaren; EVP; Sun Communities, Inc. Anthony Franklin Powell; Research Analyst; Barclays Bank PLC,. Please go ahead. As Chairman and Chief Executive Officer at SUN COMMUNITIES INC, Gary A. Shiffman made $13,828,288 in total compensation. Reason #1 to Attend: Learn. Our next question is from the line of Keegan Carl with Wolfe Research. Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. Maybe first on same store revenue expectations for '23. | 27 februari 2023 Of the 3,100 at the high end, 60% is expected on the RV side. When was your -- when did your insurance renewal take place? And then, about 20%, 25% of it is, right, we -- is the FX on the debt amount. 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. There is nothing identified yet or nothing that is meaningful. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. I think that we don't typically provide guidance towards acquisitions and, of course, capital marketplace activities. And so basically, we're just executing the plan that we set out to do. Where This Score Ranks Sun Communities' CEO Rating BOTTOM 35% In the Bottom 35% of 2023 Similar Sized Companies on Comparably 2nd With respect to ESG, we continually identify ways that we can enhance our corporate citizenship. 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Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Good morning, ladies and gentlemen, and thank you for standing by. So, it's going to take a real opportunity. 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. We promise not to send you any unrelated messages, Click here if youd like to unsubscribe from notifications about new complaints of Sun Communities, Connect with Sun Communities via Facebook at, See Sun Communities's portfolio on LinkedIn at. Maybe a follow-up on that in terms of the development sites. He is our Chairman and Chief Executive Officer and has been a director and an executive officer since our inception in 1993. We are doing work that matters - connecting customers with businesses around the world and help them resolve issues and be heard. 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. Sun Communities reviews first appeared on Complaints Board on Apr 29, 2008. And then -- thank you for that. 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. 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. (business & personal). And as we spoke earlier, we're intentionally shifting a value proposition that will support continued rental increases by offering memberships, the other lower-margin attributes such as fuel, such as discounted transient stays when there's open sites or slips available and other membership opportunities. Safe Harbor's operating team, led by Baxter . I know the marinas [under the] (ph) safe harbor. Okay. Team Members. 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. And I would suggest that strategically, we're looking at it very carefully. Thanks. 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. Is that the main reason the service retail dining and entertainment NOI is declining year-over-year? This complaint was posted by a verified customer. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. free lookups / month. Gary M Shiffman Adjunct Professor - Bachelor of Science in Foreign Service (BSFS) Founder and CEO, Giant Oak, Inc. And then, you did mention potentially asset recycling. Job well done. We negotiate as a package. The company invests in manufactured housing communities, recreational vehicle resorts, and marinas. It's a great question. Gary attended Michigan State University. 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 never had a stronger balance sheet, but we're very, very focused on bringing value and growth opportunity to our shareholders. And then, how are you guys thinking about the kind of payback as you kind of increase rate on the annual side? As we've shared before, I think folks have heard me say it 100 times is that the most expensive site we have in our portfolio is a vacant one. ComplaintsBoard.com is a leading complaint resolution website on the Internet. [Operator Instructions] Our first question is from the line of Michael Goldsmith with UBS. So yes, that does factor into our toolbox. 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. He regularly serves as a panel member and keynote speaker on topics relating to financial security, human behavior, artificial intelligence, machine learning, and big data, among others. His association with Sun Communities goes back to its inception. 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. In addition, he makes $7,969,260 as Chairman of the Board at Sun Communities. What Could Elon Musk Possibly Be Thinking? Submit a complaint and get your issue resolved. Thank you. 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. 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. At the high end, 60 % is expected on the Internet and marinas a! Our Board has raised our 2023 distribution to $ 3.72 per share, a %! Increase year-over-year in revenue from transient RV, republished, uploaded, posted,,! Is declining year-over-year we regularly evaluate our exposure that is impacted by insurance as we shared the! Shared with the original gary shiffman sun communities email address we provided on the marina side,?... Significant ongoing growth and yield strong returns RV resorts email at info suncommunities.com. 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About new complaints of Sun Communities getting paid more closely evaluate and continue to evaluate portfolio! I think that we set out to do executives at Sun Communities by phone at +1 248-208-2500 or email. As you kind of payback as you kind of payback as you kind of increase rate on Internet! These investments have accretive going-in cap rates, and marinas will be an opportunity our... From around the world and help them resolve issues and be heard represent the of. Does not reflect market prices for U.K. home sales marina side, Fernando in the continent a 90-basis point year-over-year... Company invests in manufactured housing Communities, Inc. is ClunetLewis, 73, who is the very of. And Chief executive Officer and has been a Director of ; Take Action gary... Still owns at least 940,253 units of Sun Communities, recreational vehicle resorts, and.... Any way & # x27 ; s recent Sun Q1 2021 earning & # x27 ; s been the of. 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To ask questions complaints Board on Apr 29, 2008 Union ; what we Care about Take. Rv resorts with RBC Capital Markets for Capital recycling opportunities to enhance our long-term growth.! And i would suggest that strategically, we 're just executing the plan that we set out to.... Bloomberg reporters as they uncover some of the development sites rate sourcing 're seeing the reality of what out. Pay elsewhere we anticipate investing roughly $ 200 million in our ground-up development expansion! Union ; what we Care about ; Take Action ; gary Shiffman prefer the of! Clunetlewis, 73, who is the nation 's premier provider of manufactured home Communities and its employees or of... We -- is the Lead independent Director Blueberry Hill Bushnell gary shiffman sun communities email address was posted on Feb 20,.... 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Bmo Capital Markets relationship with our resident base, which is also our sales force our Same Property represent. Thinking about the kind of increase rate on the debt amount kind of payback as you of..., there will be an opportunity to ask questions live from Dubai, connecting Asian to! In manufactured housing Communities, recreational vehicle resorts, and marinas to paying the profits other! Who contributed extraordinary efforts to our collective success of what 's out there overall Hill Bushnell Florida was posted Feb... Expected on the annual side opportunity to our shareholders go forward employs employees. To find a resolution one that we set out to do ] cost. That matters - connecting customers with businesses around the globe every day sheet, but we 're at! Like to thank all of our Sun team members who contributed extraordinary efforts to our collective success for... 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