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 just have a question on the service retail and dining guide. Gary has always been deeply involved in acquisition, management, marketing, and other aspects of the business. Yes. And then, on the U.K., it looked like MH occupancy was down almost 300 basis points in the fourth quarter. Team Members. Reason #3 to Attend: Discover. {{ userNotificationState.getAlertCount('bell') }}. 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. And we expect about 60% of these revenue-producing sites to come from RV transient site conversions to annual leases. As our 30-year track record has demonstrated, we have a business model that delivers results throughout economic cycles, supported by compelling supply-demand fundamentals. The employee data is based on information from people who have self-reported their past or current employments at Sun Communities. Gary Shiffman bought 364.42k shares over the last 12 months at an average price of US$195. 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. Faqs. Our Communities. 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. Every home they own was meant for demolition. The most recent stock trade was executed by Clunet R Lewis on 27 February 2023, trading 1,500 units of SUI stock currently worth $222,765. You will network with leading professionals from around the country and bring back best practices to your workplace. Thanks for that. The company's principal address is . I'll now turn the call over to Gary Shiffman, Chairman, President and Chief Executive Officer. What were they on the marina side, Fernando? Gary's mailing address filed with the SEC is 27777 FRANKLIN ROAD, SUITE 300, SOUTHFIELD, MI, 48034. Please disable your ad-blocker and refresh. Hi, good afternoon. So, you can -- right, it would on a like-for-like basis would be much higher than that 1%. So, that doesn't reflect market prices to 15%? Included in this expected expense growth is an approximately $18 million increase in property-related insurance costs. I know the marinas [under the] (ph) safe harbor. Sun Communities, Inc. (SUI) Southfield, MI. And we will closely evaluate and continue to evaluate our exposure that is impacted by insurance as we go forward. This documentary-style series follows investigative journalists as they uncover the truth. Thanks. Get Contact Info for All Departments Sun Communities Org Chart Gary Shiffman Please go ahead. The oldest executive at Sun Communities, Inc. is ClunetLewis, 73, who is the Lead Independent Director. Like, obviously, like insurance jumped up a lot this year outside of your control a little bit. Up to 5 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. View detailed SUI description & address. The company's filing status is listed as Appointed 08/05/2005 and its File Number is F08203384. Thank you for your participation in today's conference. None of the information on this page has been provided or approved by Sun Communities. So, we're not losing money or subsidizing anything. 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. Safe Harbor owns and operates 101 marinas in the U.S. with a network of nearly 40,000-member boat owners in 22 states. So, things are rock-solid. My first question is on the insurance. Like is there a way to kind of recover it kind of over the long term? 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. Like MH and RV, marinas continued to generate reliable growth due to the industry's favorable supply and demand dynamics. Search over 700 One of the key factors of our business that we are able to pass on, expenses in the form of rental increases. How construction costs changed on those? Hey, guys. I wanted to follow up on the previous question on home sale trends in the U.S. and U.K. When was your -- when did your insurance renewal take place? 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. 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. (Suggested: Healthpeak Properties CEO Email & Net Worth Tom Herzog). Sun Communities CEO Gary Shiffman believes that clients and employees are the greatest assets of a company. Yes, we are seeing positive strength there. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. 320,000, I think, we talked about moved in there last year. Could you maybe go into the three deals you did in December, MH, RV, marina in terms of cap rate sourcing? Sun Communities, Inc. is an owner, operator and developer of manufactured housing communities. I think it's growing from there right now, that we've noticed rental increases. No credit card required. So, we also have the ability to continue negotiating our insurance through the year, and we will continue to do so. MH and RV Same Property NOI increased by 4.4% in the quarter. Through his hard work and dedication, he has been leading the real estate market in America. This year marks Sun's 30th year as a public company. Similar Profiles. Your NOI is expected to grow 4.5% to 5.7%. Please go ahead. 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. In January of this year, we issued $400 million of 10-year senior unsecured notes, which benefited from $250 million of treasury locks and used those proceeds to further reduce our line of credit balance. Use this comments board to leave complaints and reviews about Sun Communities. Under his leadership, Sun has been able to create a positive and rewarding workplace ambiance for the employees so they can grow and develop their skills. Sun Communities may also be known as or be related to SUN COMMUNITIES INC, Sun Communities, Sun Communities & Sun Rv Resorts, Sun Communities Inc, Sun Communities Inc. and Sun Communities, Inc. In light of current market conditions, we have shown discipline with regard to our approach to capital allocation, and we'll continue to do so going forward. 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. 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. Out of their 1 competitor, Aspen Heights, Sun Communities' score . Explore this wiki for details such as Sun Communities CEO email, Gary Shiffman net worth, and Sun Communities net worth. And then, how are you guys thinking about the kind of payback as you kind of increase rate on the annual side? 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. 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. Thank you. So that is one area. 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 latest review Blueberry Hill Bushnell Florida was posted on Feb 20, 2023. Thank you. And really look forward to John's 10-year operating our communities, in particular, manufactured housing and being able to transfer that over to the 16,000-site inventory we now have to grow by. As a reminder, our guidance includes acquisitions, dispositions and capital markets activity through February 22, 2023, and the effect of a property disposition under contract expected to close in March 2023. Good morning, everyone. Lorem ipsum dolor sit amet consectetur adipisicing elit. Sun Communities reviews first appeared on Complaints Board on Apr 29, 2008. The company invests in manufactured housing communities, recreational vehicle resorts, and marinas. I know it's obviously the low demand time of year, but any color on what happened year-to-date in the forward bookings would be great. (Podcast), Chairman/President/CEO, Sun Communities Inc. Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. Obviously, floating-rate debts caught a lot of people maybe not by surprise, but certainly been more powerful and had a bigger negative impact. 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. Mr. Shiffman, you may begin. 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. Looking for a particular Sun Communities employee's phone or email? 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 . And they look at the claims that they've paid out versus the premiums they've taken in. 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On average, Sun Communities executives and independent directors trade stock every 50 days with the average trade being worth of $2,616,388. 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. 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 more so a question on how we should think about modeling this line item going forward. The U.K. market for holiday parks remains highly fragmented. And that SRD&E is really there and the service, as Gary mentioned, right, of having a member with us for an eight-plus-year period, and we'll continue working through those strategies. We never had a stronger balance sheet, but we're very, very focused on bringing value and growth opportunity to our shareholders. The largest trade he's ever made was buying 453,841 units of Sun Communities stock on 3 May 2004 worth over $15,929,819. That 90% is ahead of the same time last year and the previous years. And as we shared with the original information we provided on the deal, Brexit still makes it difficult to travel in the continent. Please go ahead. 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. Contact Karen directly Join to view full profile Looking for career advice? Our platform of recession-resistant, best-in-class properties is positioned to continue generating strong cash flow growth for the benefit of our stakeholders. So, the 15%, just to clarify, the 15% does not reflect market prices for U.K. home sales? Required fields are marked *. Importantly, we expect our G&A as a percentage of revenue to decline this year. 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. And a Car. It does not include the impact of prospective acquisitions, dispositions or capital markets activities, which may be included in research analyst estimates. Our next question is from the line of John Kim with BMO Capital Markets. SUN COMMUNITIES INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. We have two property management companies competing in one community. We certainly saw the cost of development spike up through the pandemic, short supply, supply chain, et cetera. Yes. 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 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. And I would remind the market, we have very manageable maturities, no looming towers over the course of the next couple of years. 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. Looking for a particular Sun Communities employee's phone or email? GARY A. SHIFFMAN, agent; GARY SHIFFMAN, director; JOHN B MCLAREN, president; KAREN J DEARING, treasurer; KAREN J DEARING, secretary Got it. 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. How are you guys thinking about that? 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.. Is this your company? Turning to guidance for 2023. Our next question is from the line of Keegan Carl with Wolfe Research. 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. Hey, Steve, I think we've been pretty programmatic since achieving our investment-grade rating in the summer of 2021. And as previously announced, we added Jeff Blau, CEO of Related Companies, to our Board of Directors. I will now turn it over to Fernando to discuss our financial results in more detail. Ms. Dearing served as our Chief Financial Officer, Treasurer and Secretary from 2008 - 2022. 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. And as we've talked about before, our business is really about reliable growth because of the strong demand and short supply. At the midpoint, we were expecting 7.5% for this year. 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. What Unions Do; Form a Union; What We Care About; Take Action; Gary Shiffman. This creates a very sticky customer base and gives us the ability to grow rents. Biography of Gary Shiffman. Reagan Haynes. In 2022, core FFO per share grew 12.9%, driven by strong demand for our offerings as well as our accretive investment activity. We relocated as many people as possible to other properties, including our team members in the area. Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? Musks TeslaMaster Plan Lacks Drive. He is a member of our Executive Committee. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. Regarding average rental rate increases, we reiterate the guidance ranges provided back in October. And then, taking a step back, so if we think about your -- both your real property, excluding transient and transient on a like-for-like basis, if we exclude your transient conversion expectations for '23, where would the numbers shake out, both on excluding transient, then transient as a whole, right? The outperformance is due to higher demand for wet slips and dry storage spaces. Research Tools We feel it's definitely recoverable. Same is true in the RV for vacationing. John? One last one from me. As Chairman and Chief Executive Officer at SUN COMMUNITIES INC, Gary A. Shiffman made $13,828,288 in total compensation. Your email address will not be published. As we look ahead to 2023, we once again expect to deliver a year of solid Same Property growth. We've just elected to shift smaller margin over to higher valuation in the form of sticky rent. Lastly, our Board has raised our 2023 distribution to $3.72 per share, a 5.7% increase from the prior year. And then -- thank you for that. If you're not automatically redirected, please click here. Identity theft? I live the valley in Apopka fl 55+ community. 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. 176 Our next question is from the line of Robyn Luu with Green Street. So, we have a stringent policy there. Email Formats. I think you mentioned and maybe in the prepared comments that it was almost like a loss leader. And so, on the second -- my second question is how are the forward bookings trending for holiday sales -- holiday rentals in the U.K.? 50 followers 40 connections. Real estate investment trust Sun Communities said it is acquiring Safe Harbor Marinas for $2.11 billion. 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