Trying to grab the paperwork here. Career & Education - Company, University, & College Gary attended Michigan State University. Currently, we've adjusted our returns to low double digit, in part because of the large rental increases as a reflection of CPI and inflation. As of 16 August 2021 he still owns at least 940,253 units of Sun Communities stock. Within our MH and RV portfolio, we gained over 2,900 revenue-producing sites for the year. In our conversations over the course of the fall, certainly, expectations for the rest of our expense line items do fall in line with that at the time and mentioned during our NAREIT meetings with investors, we had yet to fully set our insurance program for the 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. Sign up for a free account. 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. Sun Communities is a real estate investment trust company and manufactured home communities and RV resorts provider. 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. Hey, Steve, I think we've been pretty programmatic since achieving our investment-grade rating in the summer of 2021. 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. Together, the two parks one in Jurupa Valley and another in Banning, accordingContinue reading Obviously, floating-rate debts caught a lot of people maybe not by surprise, but certainly been more powerful and had a bigger negative impact. Maybe first on same store revenue expectations for '23. 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. We maintain a solid relationship with our resident base, which is also our sales force. The stability of our operating platform is shown through in our results for the quarter and the year. About Us: Of the 3,100 at the high end, 60% is expected on the RV side. Sun Communities has 3,146 employees, of which 5 are in a leadership position. Every home they own was meant for demolition. Hi, Michael. 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). So, there's no specific plan. Research Tools Certainly with the headwinds of interest rates today, that is one big focus, Wes. Total portfolio occupancy of 96.8% includes newly delivered development and expansion sites. People are still positive about experiencing that outdoor vacation. Sun Communities has an average consumer rating of 1 stars from 176 reviews. So, should this only grow with acquisitions? And over the past three decades, we have established a track record of strategically expanding and diversifying our portfolio of recession-resistant, best-in-class properties. Our Communities. So, you will continue to see an emphasis on that strategy as we go forward. We are nearly 95% booked, which is better than we were at this time last year for Q1. It reflects the environment for insurance at this point in time. 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. We certainly saw the cost of development spike up through the pandemic, short supply, supply chain, et cetera. Yes. And more so a question on how we should think about modeling this line item going forward. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. We've just elected to shift smaller margin over to higher valuation in the form of sticky rent. Company profile for Sun Communities Inc. including key executives, insider trading, ownership, revenue and average growth rates. 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. Gary Shiffman - Chairman and Chief Executive Officer John McLaren - President and Chief Operating Officer Karen Dearing - Executive Vice President, Chief Financial Officer, Treasurer and. They're actually trending a little bit ahead of this past year, which of course, as we shared before, is great because that is the feeder for more holiday home sales and more rent paying sites. I think the past channel checks we've done, there's concern for a while that outsized pricing power is eventually going to deteriorate because it's going to break boat owners. Bloomberg Daybreak Middle East. 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. What were they on the marina side, Fernando? As there are no further questions at this time, I would like to turn the floor back over to Gary Shiffman for closing comments. 50 followers 40 connections. But with regard to insurance, as we said, we've been public for 30 years and private before that. The waitlist, we're now -- we now have a waitlist at 91% of our marinas. 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. Is that a demand impact? We've discussed the fact that cost of capital is such that we have sharpened our pencil razor thin. 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. Thank you. The oldest executive at Sun Communities, Inc. is Clunet Lewis, 73, who is the Lead Independent Director. No credit card required. 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? The fourth quarter continued to show strength. Sun Communities announced Tuesday that it had acquired Dallas-based Safe Harbor Marinas for $2.11 billion. And by paying down that debt, if that's what we elect to do, we obviously recapture of that lost interest rate. For those who would like to participate in the question-and-answer session, management asks that you limit yourself to two questions, so everyone who would like to participate has ample opportunity. And so basically, we're just executing the plan that we set out to do. 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. Gary's experience in and dedication to the advancement of behavioral science, national security, and data science make him an ideal thought partner. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. Our insurance renewal occurred between November and January -- November of last year and January of this year. We negotiate as a package. million verified professionals across 35 million companies. Since we achieved an investment-grade rating in 2021, we have now issued $2.2 billion of unsecured fixed-rate notes across four tranches. Main Telephone (248) 208-2500 Primary Address 27777 Franklin Road Suite 200 Southfield, MI 48034 USA Contact Karen directly Join to view full profile Looking for career advice? Is this happening to you frequently? I'll address the marine part, and you can talk about the rest of the portfolio, John. 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? In addition, he makes $7,969,260 as Chairman of the Board at Sun Communities. In terms of external growth, during 2022 and through the date of this call, Sun acquired 70 operating properties for $2.2 billion and spent approximately $62 million for developable land parcels. We anticipate investing roughly $200 million in our ground-up development and expansion activity. 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. With Shiffman's guidance, he began building. Sun Communities CEO Gary Shiffman believes that clients and employees are the greatest assets of a company. Get contact details including emails and phone numbers And we expect about 60% of these revenue-producing sites to come from RV transient site conversions to annual leases. 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 Yes. Okay. So, it's more back to normal, I think. He is a member of our Executive Committee. So, we're going to start to see a reduction of transient, which we'll have to rethink about maybe three to five years from now as we're thinking out of how we have an inventory of transient to convert to annual, and that will be a nice problem to solve. 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? This documentary-style series follows investigative journalists as they uncover the truth. 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. Good luck this year. The CEO of Sun Communities, Inc. ( NYSE:SUI) is Gary Shiffman. Welcome to the Sun Communities Fourth Quarter and Year End 2022 Earnings Conference Call. Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. His association with Sun Communities goes back to its inception. Thank you. I think you mentioned and maybe in the prepared comments that it was almost like a loss leader. Your email address will not be published. After their remarks, there will be an opportunity to ask questions. How construction costs changed on those? On average, Gary trades about 19,735 units every 69 days since 2003. And I turn to John, who's overseeing that, to talk a little bit more about the particulars of the U.K. home sales. And would you expect your volume of acquisitions in 2023 to be lower or higher than 2022? Sun recently set a target to achieve carbon neutrality by 2035 and net-zero emissions by 2045. We were expecting about a 90-basis point increase year-over-year in revenue from transient RV. 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. Yes, thanks, good morning. 5 free lookups per month. And really, that's -- I think that sort of everybody is, for lack of better words, the beneficiary of those events happening in the form of higher costs. Sun Communities corporate office is located in 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States and has 1,963 employees. 1985: The company incorporates in order to expand further. Thank you. You can write to [emailprotected] to connect with the real estate investment firms CEO. . And I think our strategy has really stood the test of time. 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. And as we shared with the original information we provided on the deal, Brexit still makes it difficult to travel in the continent. Sun Communities, inc ( SUI -0.28%) Q2 2021 Earnings Call. ComplaintsBoard.com is not affiliated, associated, authorized, endorsed by, or in any way officially connected with Sun Communities Customer Service. Get contact details including emails and phone numbers The marinas, currently owned and operated by Dallas-based Safe Harbor Marinas, include locations in [] 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 . Okay. 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. And we will closely evaluate and continue to evaluate our exposure that is impacted by insurance as we go forward. There are no executives at Sun Communities getting paid more. 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. 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. 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. Yes, Wes, it's Gary. Lorem ipsum dolor sit, amet consectetur adipisicing elit. Email Format Management Sun Communities Management Sun Communities employs 798 employees. Get Contact Info for All Departments Sun Communities Org Chart Gary Shiffman free lookups / month. So, it really is the feeder, if you will. Live from Dubai, connecting Asian markets to the European opens. Sun Communities said the purchase diversifies its geographic and demographic footprint. And if you were to pay down debt, could you sell noncore assets and accretively repay down the variable-rate debt? Privacy Policy. And then second part, I did see a termination income. 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). As Chairman and Chief Executive Officer at SUN COMMUNITIES INC, Gary A. Shiffman made $13,828,288 in total compensation. Those would be the primary reasons from that perspective. Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? I will now turn the call over to John and Fernando to speak to our results and guidance in detail. So, ex that drag, is the expense growth 6% to 7% and matching kind of like the top-line growth? And this is right, once you've converted that site, you have a resident there for on average a five-or-plus year period of time. We don't have it broken down individually to Florida. So, it's going to take a real opportunity. 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