Thank you, everybody. 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. So yes, that does factor into our toolbox. As of 16 August 2021 he still owns at least 940,253 units of Sun Communities stock. 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. Mr Shiffman has over 30 years' experience in executive and non-executive roles in financial and real estate public companies listed on the NYSE and NASDAQ. We look forward to our next call and certainly invite anyone to reach out to Fernando and his team with any follow-up questions. And so, our expectation is a more normalized year-over-year transient growth. Het koersdoel wordt verlaagd van 166 naar 161 USD. For the fourth quarter, we reported core FFO per diluted share of $1.33, a 1.5% increase from the prior year. Hi, everyone. Biography of Gary Shiffman. Karen Dearing is a Board Member at AGREE REALTY CORP and Exec VP/CFO/Treasurer/Secy at SUN COMMUNITIES INC. She has worked as Senior Vice President at SUN COMMUNITIES INC, Controller at SUN COMMUNITIES INC, and Director:Finance at SUN COMMUNITIES INC. Zippia gives an in-depth look into the details of Sun Communities, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Sun Communities. Competitors. free lookups / month. If you have an ad-blocker enabled you may be blocked from proceeding. Is this happening to you frequently? (business & personal). 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. We maintain a solid relationship with our resident base, which is also our sales force. Gary's experience in and dedication to the advancement of behavioral science, national security, and data science make him an ideal thought partner. Sun Communities said the purchase diversifies its geographic and demographic footprint. 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. 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. Identity theft? They are all complete wrecks mostly from pre 1970. Jeff's experience and leadership will be a tremendous addition to our team. 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. This information is according to proxy statements filed for the 2021 . We feel it's definitely recoverable. Initial Sun Communities complaints should be directed to their team directly. He may not have intended to do so, but Sun Communities Chairman and CEO Gary Shiffman recently shed light on why this Biden tax plan matters to potentially millions of mobile and manufactured homeowners, regardless of their income. And then, on the U.K., it looked like MH occupancy was down almost 300 basis points in the fourth quarter. [Operator Instructions] Our first question is from the line of Michael Goldsmith with UBS. Lastly, our Board has raised our 2023 distribution to $3.72 per share, a 5.7% increase from the prior year. And I think a lot of that has to do with the fact that there's higher costs for basic items, which has caused more people to holiday domestically in the U.K. rather than go to Europe. 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 second, specifically on marinas, how much longer do you think you can push at an elevated level? Note that we expect first quarter results to reflect the seasonality of U.K. operations, as outlined in our supplemental, which we acquired in April 2022. Is that seasonal? We've done over $2.2 billion of IG unsecured bonds with that public market. We are actively and programmatically working on a number of strategies to continue to reduce our exposure to variable-rate debt. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. 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 This year there were 200 companies that made the list . Since we achieved an investment-grade rating in 2021, we have now issued $2.2 billion of unsecured fixed-rate notes across four tranches. . We're not going to reflect that different than our competitors and other asset classes. Thank you. Sun Communities, Inc. (NYSE:SUI) Q4 2022 Earnings Conference Call February 23, 2023 11:00 AM ET, Gary Shiffman - Chairman, President and Chief Executive Officer, Fernando Castro-Caratini - Chief Financial Officer. So, seeing the demand, where it is now, is very encouraging for us. 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. In terms of capital markets activity, during and subsequent to quarter end, we completed a $311 million add-on to an existing secured financing with a weighted average interest rate of 4.6%. And then second part, I did see a termination income. Additionally, we regularly evaluate our portfolio for capital recycling opportunities to enhance our long-term growth profile. I think from the booking pace perspective, right now, we are trending just a little bit ahead of last year, which is great. Please DO NOT add attachments that contain your or other peoples personal information, if you dont want it to be visible to the public. And going forward, we expect good solid growth this coming year. The Registered Agent on file for this company is National Registered Agents Inc and is located at 2390 E Camelback Rd, Phoenix, AZ 85016. 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. I don't have that broken out here in front of me. SUN COMMUNITIES INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. Voor het kwartaal verwachtte het. 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. Next, we'll consider growth that. So, things are rock-solid. 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. The company's filing status is listed as Appointed 08/05/2005 and its File Number is F08203384. 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. As of December 31, Sun had $7.2 billion of debt outstanding that carried a weighted average interest rate of 3.8%, with a weighted average maturity of 7.4 years. It does not include the impact of prospective acquisitions, dispositions or capital markets activities, which may be included in research analyst estimates. Yes, we are seeing positive strength there. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! Our next question is from the line of Keegan Carl with Wolfe Research. Our guidance assumes we increase revenue-producing sites by 2,800 to 3,100 sites in 2023. We can follow up, that's a very quick follow-up with you after the call. This review was chosen algorithmically as the most valued customer feedback. For the year, Sun reported core FFO per diluted share of $7.35, a 12.9% increase from 2021. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. Good morning, everyone. 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. 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 Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Required fields are marked *. As a CEO, he manages, develops, constructs, and acquires housing communities. 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. Good morning. Yes. 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. I don't want anyone to think of it as a loss leader, because it's not a loss leader. 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. The pound is still devalued in comparison to this time last year, and it's -- most people travel within two hours to get to the properties. Sun Communities has resolved 0 complaints. John? 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. She joined us in 1998 as a Director of . You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com Where is Sun Communities located? At the midpoint, these rental increases are 6.3% for manufactured housing, 7.8% for RV and 7.5% for marinas. No credit card required. We relocated as many people as possible to other properties, including our team members in the area. What industry does Sun Communities compete in? Job well done. Could you maybe go into the three deals you did in December, MH, RV, marina in terms of cap rate sourcing? 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. I will add that we did speak to them the other day. The final note, increasing interest rates were a headwind on FFO growth in the back half of 2022 and continue to be a headwind in our 2023 guidance. I think just general good stewardship of how we think about reducing that variable debt. Read more Brian Hermelin Board Member C Clunet Lewis So, I would just point to the overall increase in insurance. 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 . On a run rate trailing 12-month basis, our net debt-to-EBITDA ratio was 5.8 times. Our strategic approach has delivered an attractive balance of a reliable organic growth and strong FFO per share increases. 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. Gary A Shiffman owns about 1,016,253 units of Sun Communities Inc common . We are also establishing guidance for first quarter 2023 core FFO per share in the range of $1.15 to $1.20. What Unions Do; Form a Union; What We Care About; Take Action; Gary Shiffman. So that was the remaining item from that perspective, and we did realize a larger-than-expected increase for 2023. 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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. Find contact details for 700 million professionals. As I assume my new responsibilities focusing on our MH development efforts, I look forward to supporting Bruce and the entire team. We also did swap 400 million of our pound sterling term loan in the U.K. million verified professionals across 35 million companies. For the 31 properties Park Holidays has owned since at least January 2021, home sales rose 17%. So that is one area. The marinas, currently owned and operated by Dallas-based Safe Harbor Marinas, include locations in [] Gary has put much effort into developing the companys housing communities and recreational vehicle communities. That 90% is ahead of the same time last year and the previous years. Up to 5 The company, headquartered in Southfield, MI, operates communities throughout the United States and also offers RV resorts throughout the country. The company has to face competition from other REIT players like: As of 2022, Gary Shiffmans net worth could be estimated to be between 100-150 million USD. 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. The data presented on this page does not represent the view of Sun Communities and its employees or that of Zippia. Get Contact Info for All Departments Sun Communities Org Chart Gary Shiffman Our next question is from the line of Robyn Luu with Green Street. Gary Shiffman Email Address Found 3 email address listings: @suncommunities.com @vivabeverages.com @basseyselesko.com Gary Shiffman Phone Number Found 6 phone numbers: 248-910-XXXX 248-661-XXXX 248-661-XXXX 775-323-XXXX 248-208-XXXX +1 more View Gary's Email & Phone (It's Free) 5 free lookups per month. Please. Looking for a particular Sun Communities employee's phone or email? Regarding average rental rate increases, we reiterate the guidance ranges provided back in October. Gary A. Shiffman is the CEO of Sun Communities, Inc. 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. Privacy Policy. So, as we model out going forward, our going-in rents are higher than we originally modeled them out. GARY A. SHIFFMAN, agent; GARY SHIFFMAN, director; JOHN B MCLAREN, president; KAREN J DEARING, treasurer; KAREN J DEARING, secretary (Related: T. Rowe Price CEO Email & Net Worth Rob Sharps). Live from Dubai, connecting Asian markets to the European opens. So, your math as far as the headwind from an expense growth perspective tracks. 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. Same is true in the RV for vacationing. In 2023, we expect total Same Property NOI across manufactured housing, RV and marinas to increase between 4.9% and 5.9%. 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. As there are no further questions at this time, I would like to turn the floor back over to Gary Shiffman for closing comments. 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') }}. We have recently received our first permit to place new homes, and our new home sales program is largely set in anticipation of reopening sites in the second half of the year. 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. New home sales are up. Required fields are marked *. Hi, Michael. I wanted to follow on Steve's question. So, we're running a little bit ahead. (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 This documentary-style series follows investigative journalists as they uncover the truth. 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? 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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Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. How to write a complaint about Sun Communities? 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? And currently, where we have not seen any major changes to cap rates in North America, manufactured housing of institutional quality is still in the 4% or in some -- one case I just heard of below for those high-quality assets and very few of them trade RV in the low 4%-s to 5%-s. Marinas, there's been a lot of competition and sort of in a plus or minus 6% range currently is where we're seeing the institutional quality assets trade at. His association with Sun Communities goes back to its inception. And I'll let John talk really about a 40-year history of manufactured housing. Every home they own was meant for demolition. 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