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. If you have an ad-blocker enabled you may be blocked from proceeding. I think it's one of the high points that we've seen. Privacy Policy. Good morning, and thank you for joining us as we discuss fourth quarter and full year results for 2022 and our guidance for 2023. We're very pleased with our 2022 achievements. (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 Thanks for that answer. In 2023, we expect total Same Property NOI across manufactured housing, RV and marinas to increase between 4.9% and 5.9%. We continue to deliver long-term cash flow stability. free lookups / month. 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? Maybe first on same store revenue expectations for '23. We look forward to our next call and certainly invite anyone to reach out to Fernando and his team with any follow-up questions. Ms. Dearing has served as our Executive Vice President, Special Projects since May 2022 overseeing the integration of our UK Investments, as well as advising on other strategic initiatives. Gary A. Shiffman serves as Chairman of the Board of the Company. Contact Us. 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. The oldest executive at Sun Communities, Inc. is ClunetLewis, 73, who is the Lead Independent Director. Legal taxes and insurance of our Same Property portfolio represent -- are expected to represent about 10% this year. 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. And I'll let John talk really about a 40-year history of manufactured housing. 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. As a CEO, he manages, develops, constructs, and acquires housing 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%. Importantly, we expect our G&A as a percentage of revenue to decline this year. 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. Submit a complaint and get your issue resolved. Certainly with the headwinds of interest rates today, that is one big focus, Wes. Gary Shiffman About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form. Having turned over these units, we are now able to realize higher rents on incoming leases. There are 4 older and 13 younger executives at Sun Communities. Lorem ipsum dolor sit, amet consectetur adipisicing elit. The CEO of Sun Communities is Gary Shiffman. His association with Sun Communities goes back to its inception. Sure. I will now turn the call over to John and Fernando to speak to our results and guidance in detail. Please DO NOT add attachments that contain your or other peoples personal information, if you dont want it to be visible to the public. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. And he alluded to it, the rising rates is not necessarily a surprise, especially in the last few months. I'll now turn the call over to Gary Shiffman, Chairman, President and Chief Executive Officer. 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. Garry Shiffman, age 67, helped his father Milton M. Shiffman, who was a medical practitioner, built Sun Communities. 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. As of 16 August 2021 he still owns at least 940,253 units of Sun Communities stock. . Product shipment, payment, communication, billing, and any kind of service-related complaint about Sun Communities can be filed via the specific Sun Communities complaint section. Join to view profile . You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com Where is Sun Communities located? He is a member of our Executive Committee. Of the 3,100 at the high end, 60% is expected on the RV side. Thank you. Gary A. Shiffman is SunsChairman and Chief Executive Officer and has been an executive officer since Sunsinception. The marinas, currently owned and operated by Dallas-based Safe Harbor Marinas, include locations in [] He is a member of our Executive Committee. 27777 Franklin Rd, Ste 200, Southfield, Michigan 48034, US, View Manage Products and Account Information Support Americas +1 212 318 2000 EMEA +44 20 7330 7500 Asia Pacific +65 6212 1000 Company About Careers Diversity and Inclusion Tech At Bloomberg. We will now open the call for questions. 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. Yes, Wes, it's Gary. 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. ET. This year there were 200 companies that made the list . And I turn to John, who's overseeing that, to talk a little bit more about the particulars of the U.K. home sales. Trying to grab the paperwork here. We are actively and programmatically working on a number of strategies to continue to reduce our exposure to variable-rate debt. 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 . 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? Pro forma for this activity, our floating-rate debt was reduced to 16% of total debt, which has now decreased from 26% as of December 31, 2020. Same is true in the RV for vacationing. I wanted to follow up on the previous question on home sale trends in the U.S. and U.K. KAREN J. DEARING. Get contact details including emails and phone numbers With the passage of time, he has built a strong foothold in the industry and built relationships for further expansion of the company. (business & personal). No. 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. No credit card required. 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. And they look at the claims that they've paid out versus the premiums they've taken in. 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. Gary A. Shiffman. 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. Last updated: 27 February 2023 at 4:00pm EST. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. And going forward, we expect good solid growth this coming year. Maybe a follow-up on that in terms of the development sites. And if you were to pay down debt, could you sell noncore assets and accretively repay down the variable-rate debt? You called out $18 million increase in property-related insurance. 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. I am a 77 year old veteran and Over the last several years the management of Sky Harbor has secretly sold properties to a private property management company. With respect to ESG, we continually identify ways that we can enhance our corporate citizenship. Development is in Sun's DNA. How much is the insurance as a percentage of operating percentage? Just curious how kind of the, I guess, economic uncertainties are kind of weighing on sales and whether you're seeing any bumps in the road as you kind of look into '23. Every home they own was meant for demolition. 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. I think that we don't typically provide guidance towards acquisitions and, of course, capital marketplace activities. 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 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. But I believe in these periods of times, as I said before, as people have to refinance things at a whole new rate in a whole new world, opportunities may become available there that are accretive across our current cost of capital. After their remarks, there will be an opportunity to ask questions. SUN COMMUNITIES, INC. is an Arizona Business filed on October 7, 1997. 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. 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. Is that the main reason the service retail dining and entertainment NOI is declining year-over-year? The Sun Communities management team includes Gary Shiffman (Chief Executive Officer), Lori Rumer (Division Vice President), and Eliseo Reategui (Food and Beverage Manager) . As there are no further questions at this time, I would like to turn the floor back over to Gary Shiffman for closing comments. Our next question is from the line of Robyn Luu with Green Street. Gary Shiffman and the Sun Communities leadership team are scored a C by 31 employees placing it in the Bottom 40% of companies sized 1,001-5,000 Employees on Comparably. It reflects the environment for insurance at this point in time. Additionally, Mr. Shiffman, through his family-related interests, has had significant direct holdings in various real estate asset classes, which include office, multi-family, industrial, residential and retail. Affiliated Unions; Executive Council . She joined us in 1998 as a Director of . 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. What Unions Do; Form a Union; What We Care About; Take Action; Gary Shiffman. Safe Harbor Marinas Acquired for $2.1 Billion. Operator? (business & personal). Yes. And the fact that they're direct selling their homes, so there's no interruption in rent to us, but we're not able to buy the inventory to flip into the used homes as we have been. 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). We don't have it broken down individually to Florida. We received an approximate 50% uplift in revenue in the first full year after conversion. Bloomberg Daybreak Middle East. 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. 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. Together, the two parks one in Jurupa Valley and another in Banning, accordingContinue reading I'd like to thank all of our Sun team members who contributed extraordinary efforts to our collective success. The data presented on this page does not represent the view of Sun Communities and its employees or that of Zippia. Good luck this year. Thanks for that. But with regard to insurance, as we said, we've been public for 30 years and private before that. During 2022, we delivered 2,000 new expansion and greenfield development sites in North America, which was at the high end of our guidance. SEC Form 4 FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIPFiled pursuant to Section 16(a) of the Securities Exchange Act . Today, we stand at about 16% floating-rate debt. Sun Communities has resolved 0 complaints. We certainly saw the cost of development spike up through the pandemic, short supply, supply chain, et cetera. 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. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. And then, you did mention potentially asset recycling. So, things are rock-solid. View detailed SUI description & address. 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. 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. The Leadership score includes details about how employees evaluate their executive team, CEO and manager. This complaint was posted by a verified customer. These new sites will begin contributing revenue in 2023 and provide a new base for growth in the coming years. So, your math as far as the headwind from an expense growth perspective tracks. This review was chosen algorithmically as the most valued customer feedback. 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 that absolutely does have bearing on how we think about things and how we look at things. One last one from me. Similar Profiles. Gary attended Michigan State University. We negotiate as a package. 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. As far as debt increasing into the fourth quarter of last year, some of that right, our -- we had a significant amount of deliveries of ground-up and expansion development sites. I think it's growing from there right now, that we've noticed rental increases. Musks TeslaMaster Plan Lacks Drive. We always appreciate the opportunity to have these calls and speak about the business. 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