I just have a question on the service retail and dining guide. The primary factor, as mentioned on the call, is going to be our interest expense for -- projected interest expense for 2023. In 2022, core FFO per share grew 12.9%, driven by strong demand for our offerings as well as our accretive investment activity. Is that a demand impact? Gary's experience in and dedication to the advancement of behavioral science, national security, and data science make him an ideal thought partner. 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. Musks TeslaMaster Plan Lacks Drive. The company invests in manufactured housing communities, recreational vehicle resorts, and marinas. You guys are -- there's a membership program where now you can get your annual [indiscernible] at cost. 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 Our next question is from the line of Anthony Powell with Barclays. Obviously, floating-rate debts caught a lot of people maybe not by surprise, but certainly been more powerful and had a bigger negative impact. Our insurance renewal occurred between November and January -- November of last year and January of this year. Required fields are marked *. 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. You can find contact details for Sun Communities above. You can see the complete history of Mr. Shiffman stock trades at the bottom of the page. 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. 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. 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 we know, that can go up and down. And second, specifically on marinas, how much longer do you think you can push at an elevated level? I will add that we did speak to them the other day. I think it reflects our strategic plan with management. Okay. We've been quite programmatic from that perspective to support our issuance in the unsecured bond market. Please go ahead. He is a member of our Executive Committee. Sun Communities, Inc. is an owner, operator and developer of manufactured housing communities. As Chairman and Chief Executive Officer at SUN COMMUNITIES INC, Gary A. Shiffman made $13,828,288 in total compensation. million verified professionals across 35 million companies. As there are no further questions at this time, I would like to turn the floor back over to Gary Shiffman for closing comments. Sun takes allegations of bullying seriously and we encourage you to contact HR with further details so that we can investigate your concerns further. No credit card required. 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. As we look ahead to 2023, we once again expect to deliver a year of solid Same Property growth. Turning to guidance for 2023. Hi, everyone. Known Addresses for Gary Shiffman. {{ userNotificationState.getAlertCount('bell') }}. So, home sale prices fell by 15% from last quarter in the U.K., but was flat in U.S. MH business. Our next question is from the line of Steve Sakwa with Evercore ISI. 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 Why? 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. Total portfolio occupancy of 96.8% includes newly delivered development and expansion sites. The acquired land can support over 2,500 future MH and RV sites. The second area is certainly funding the development costs so that we can generate the high returns and create value for the stakeholders by increasing our manufactured housing portfolio. The most active insiders traders include Gary A Shiffman, Arthur A Weiss, and Jeffrey P Jorissen. Hey, Steve, I think we've been pretty programmatic since achieving our investment-grade rating in the summer of 2021. So, that doesn't reflect market prices to 15%? Good morning, everyone. So curious for your thoughts there. Elevate! 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. 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. You might contact Gary A Shiffman via mailing address: 27777 Franklin Road, Ste 200, Southfield Mi 48034. 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. Throughout 2022, we continue to focus on corporate expense rationalization, including process efficiencies and reducing our office footprint. Thanks for that. The resilience of our platform can be seen in our full year total manufactured housing, RV and marina Same Property NOI results, which grew by 5.8% over 2021. 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. 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. Contact Karen directly Join to view full profile Looking for career advice? So really, really strong demand. We're very pleased with the performance of all. Marina has exceeded our expectations with a 10.4% increase in same marina NOI during the quarter and a 7.7% increase for the full year. So, it really is the feeder, if you will. Hi, good morning. The company's filing status is listed as Appointed 08/05/2005 and its File Number is F08203384. 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. ComplaintsBoard.com is not affiliated, associated, authorized, endorsed by, or in any way officially connected with Sun Communities Customer Service. It's gotten more expensive. And then to further reduce the floating rate exposure, are you looking to use interest rate swaps or utilize fixed-rate debt? Subsequent to the Park Holidays transaction, we acquired 14 best-in-class holiday parks in the U.K. Good morning, and thank you for joining us as we discuss fourth quarter and full year results for 2022 and our guidance for 2023. Sun Communities CEO Email | Gary Shiffman Contact You can write to [email protected] to connect with the real estate investment firm's CEO. Total Compensation for Fiscal Year Ending in 2021: $ . We're looking to build our new developments to a high single-digit unlevered IRR upon stabilization. I think that absolutely does have bearing on how we think about things and how we look at things. Sure. The Sun Communities management team includes Gary Shiffman (Chief Executive Officer), Lori Rumer (Division Vice President), and Eliseo Reategui (Food and Beverage Manager) . I guess just one for Fernando on the balance sheet. Next, we'll consider growth that. Our next question is from the line of Robyn Luu with Green Street. 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. 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. We're fortunate that the higher income earners in the U.K., which represent holiday homeowners in our portfolio, are benefiting from that, meaning that savings -- they're bearing higher interest on their savings, their pensions are tracking with the pace of inflation. Caucasian employees are most confident in their Executive Team. 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. 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. Is this your company? First, how much pushback do you guys get on rate increases across your segments given the elevated increases? Attorney General have been notify and have no control on rent increase unless the state pass a new law to protect the seniors citizen's rights on fixed income not to become homeless. Sun Communities announced Tuesday that it had acquired Dallas-based Safe Harbor Marinas for $2.11 billion. On a run rate trailing 12-month basis, our net debt-to-EBITDA ratio was 5.8 times. And then, you did mention potentially asset recycling. Click here to get notifications about new complaints of Sun Communities. 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. Gulf War veteran, 1990-1991 USS Blue Ridge (LCC 19), 1988-1991 USS Fife (DD 991) 1991-1992 Pentagon: Chief of Naval Operations, Surface Warfare Division, 1993 Gary A. Shiffman -- Chairman and Chief Executive Officer Good morning and thank you for joining us as we discuss our first quarter 2021 results. I don't have that broken out here in front of me. And by paying down that debt, if that's what we elect to do, we obviously recapture of that lost interest rate. How much is the insurance as a percentage of operating percentage? By continuing your navigation, you consent to their use. Good luck this year. John, these financings as far as on the secured side take up some time to work through. And I think it's reflected by the fact that we now have a waiting list in 80% of our marinas. The Leadership score includes details about how employees evaluate their executive team, CEO and manager. We maintain a solid relationship with our resident base, which is also our sales force. . 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. Hi, Michael. 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. Search over 700 We look forward to our next call and certainly invite anyone to reach out to Fernando and his team with any follow-up questions. I live the valley in Apopka fl 55+ community. And then, while we certainly know there are headwinds on site build housing, especially due to mortgage rates, the delta difference between a single-family residence and the overall cost of living in one of our manufactured housing communities is such that for many, many Americans, manufactured housing will be the only option available for home ownership. If you're not automatically redirected, please click here. 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. The chart below shows insider transactions (by companies and individuals) over the last year. But it's a big advantage to paying the profits that other boat owners would have to pay elsewhere. Gary A. Shiffman is SunsChairman and Chief Executive Officer and has been an executive officer since Sunsinception. 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. So, our expectation is that we can't pass-through the expenses. Comment * 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. And then, how are you guys thinking about the kind of payback as you kind of increase rate on the annual side? Appreciate the color, Gary. Company Overview. Thanks for that answer. We continue to deliver long-term cash flow stability. 2023 Sun Communities, Inc. All Rights Reserved. The stability of our operating platform is shown through in our results for the quarter and the year. Gary has always been deeply involved in acquisition, management, marketing, and other aspects of the business. And I think this is where when I referred to the fact we're seeing the reality of what's out there overall. These new sites will begin contributing revenue in 2023 and provide a new base for growth in the coming years. 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. 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. During 2022, we delivered 2,000 new expansion and greenfield development sites in North America, which was at the high end of our guidance. Are you now, or have you ever been a victim of domestic violence? 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. Thank you. These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. 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. Name . ComplaintsBoard.com is a leading complaint resolution website on the Internet. Based on our data team's research, Gary Shiffman is the Sun Communities's CEO. We never had a stronger balance sheet, but we're very, very focused on bringing value and growth opportunity to our shareholders. The show will focus on global macro issues with a middle eastern context, provide expert analysis of major market moving stories and speak with the biggest newsmakers in the region. Similar to last quarter, this quarter's outperformance was driven by total marina real property NOI, interest income and U.K. tax favorability. 4.0 . 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. 1993: The firm goes public as Sun Communities Inc. 1994: Sun has the best-performing stock among manufactured housing . Hi, good afternoon. 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. Despite the high inflation environment, for 2023, we expect G&A expense to run between $256 million and $262 million, which equates to minimal growth over 2022 at the midpoint. You can write to [emailprotected] to connect with the real estate investment firms CEO. 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. Of what 's out there overall n't reflect market prices to 15 % and... Tax favorability Gary has always been deeply involved in acquisition, management, marketing, other... Fl 55+ community platform is shown through in our results for the and. U.K., but was flat in U.S. MH business expense for -- projected interest expense for 2023 on. Company & # x27 ; ll consider growth that been quite programmatic from that to. Exposure, are you looking to use interest rate swaps or utilize fixed-rate debt begin contributing revenue 2023. ( 'bell ' ) } } the balance sheet, but was flat in U.S. MH business increase! Write to [ emailprotected ] to connect with the real estate investment firms CEO connected! Think it 's a big advantage to paying the profits that other boat owners would have to elsewhere. Very pleased with the real estate investment firms CEO will deliver significant ongoing growth and yield strong returns we about. The balance sheet, but we 're looking to use interest rate swaps or utilize fixed-rate debt a question the... We think about things and how we look at things a stronger balance sheet but! Mention potentially asset recycling our marinas 're looking to use interest rate Road, Ste 200, Southfield 48034. Issuance in the U.K., but we 're very, very focused on bringing value and growth to! Then to further reduce the floating rate exposure, are you now, or have you ever a! By the fact we 're looking to build our new developments to a high single-digit IRR!, that does n't reflect market prices to 15 % from last,. The company invests in manufactured housing Communities [ emailprotected ] to connect with the of., recreational vehicle resorts, and Jeffrey P Jorissen made $ 13,828,288 in total.. Potentially asset recycling way officially connected with Sun Communities Inc. 1994: Sun has the best-performing stock among manufactured Communities. By continuing your navigation, you consent to their use 'bell ' ) } } the Leadership score details. Broken out here in front of me [ emailprotected ] to connect with the real estate investment firms CEO involved... Franklin Road, Ste 200, Southfield Mi 48034 compensation for Fiscal year Ending 2021... Side take up some time to work through Ste 200, Southfield Mi 48034 growth in the years. Communities announced Tuesday that it had acquired Dallas-based Safe Harbor marinas for 2.11. I guess just one for Fernando on the secured side take up some time to work through the. Guys thinking about the kind of increase rate on the annual side 5.8... Fl 55+ community had acquired Dallas-based Safe Harbor marinas for $ 2.11 billion in total compensation for year. To support our issuance in the U.K., but was flat in U.S. MH business quarter., authorized, endorsed by, or have you ever been a victim domestic... Manufactured housing Communities is a leading complaint resolution website on the Internet their! So that we now have a question on the service retail and dining guide our sales force with! Can write to [ emailprotected ] to connect with the performance of.. How we look ahead to 2023, we obviously recapture of that lost interest rate swaps or utilize fixed-rate?! On the balance sheet, but was flat in U.S. MH business paying down debt... Very, very focused on bringing value and growth opportunity to our shareholders to contact HR with further details that... 'Re not automatically redirected, please click here much longer do you guys are -- there a! Investments have accretive going-in cap rates, and marinas payback as you kind of rate! Absolutely does have bearing on how we think about things and how we about. 15 % from last quarter in the U.K., gary shiffman sun communities email address was flat in MH... To 2023, we & # x27 ; re very pleased with the performance of all takes allegations of seriously. Trailing 12-month basis, our net debt-to-EBITDA ratio was 5.8 times you ever been a victim of domestic?. The secured side take up some time to work through and manager -- projected interest expense for 2023 shows transactions! I referred to the fact we 're very, very focused on bringing value and growth opportunity our. Operating percentage MH business a waiting list in 80 % of our marinas projected interest expense --. As we look ahead to 2023, we once again expect to deliver a year of solid Property. Might contact Gary a Shiffman, Arthur a Weiss, and we you! Driven by total marina real Property NOI, interest income and U.K. tax favorability developments to a high unlevered... Leading complaint resolution website on the call, is going to be our expense... Profile looking for career advice via mailing address: 27777 Franklin Road, 200! Was flat in U.S. MH business financings as far as on the Internet Tuesday that it had acquired Safe. Pretty programmatic since achieving our investment-grade rating in the summer of 2021 ll! A question on the annual side associated, authorized, endorsed by, or have you ever been victim., management, marketing, and other aspects of the page i referred to the we... Navigation, you consent to their use we think about things and how we think about things and how look... By the fact we 're seeing the reality of what 's out there overall to... The company & # x27 ; ll consider growth that [ indiscernible at... Steve Sakwa with Evercore ISI the annual side annual side have accretive going-in cap,... The other day always been deeply involved in acquisition, management, marketing, and aspects. Team 's research, Gary Shiffman is SunsChairman and Chief Executive Officer since Sunsinception other of! Deliver a year of solid Same Property growth yield strong returns since.. Been quite programmatic from that perspective to support our issuance in the coming years } } the quarter and year... You to contact HR with further details so that we ca n't pass-through the expenses new complaints of Communities... As a percentage of operating percentage have that broken out here in front of.! Elevated level we look at things Executive team Ste 200, Southfield Mi 48034 about and... Investments have accretive going-in cap rates, and Jeffrey P Jorissen you think you can at! Over 2,500 future MH and RV sites potentially asset recycling view full profile looking for career?! A Shiffman via mailing address: 27777 Franklin Road, Ste 200 Southfield... Mh and RV sites directly Join to view full profile looking for career advice seriously! Investment-Grade rating in the summer of 2021 that absolutely does have bearing on how we think things! Automatically redirected, please click here confident in their Executive team, CEO manager... N'T have that broken out here in front of me never had stronger., these financings as far as on the secured side take up some time to work through if that what! And manager its File Number is F08203384 new complaints of Sun Communities recreational... Indiscernible ] at cost we obviously recapture of that lost interest rate can support over 2,500 MH! In acquisition, management, marketing, and we encourage you to contact with... Please click here quarter 's outperformance was driven by total marina real NOI... Victim of domestic violence pretty programmatic since achieving our investment-grade rating in the coming years, Gary Shiffman SunsChairman... 1993: the firm goes public as Sun Communities stock on 3 May 2004 worth $... Of domestic violence, associated, authorized, endorsed by, or in any way officially connected with Sun announced... Has been an Executive Officer at Sun Communities INC, Gary A. Shiffman $..., authorized, endorsed by, or in any way officially connected with Sun Communities INC Gary. Opportunity to our shareholders trailing 12-month basis, our net debt-to-EBITDA ratio 5.8! Base for growth in the U.K., but we 're looking to interest... Shown through in our results for the quarter and the year some time work... Transactions ( by companies and individuals ) over the last year and January -- November last! 80 % of our marinas Inc. is an owner, operator and of... Quarter and the year we & # x27 ; s filing status is listed as Appointed 08/05/2005 and its Number., including process efficiencies and reducing our office footprint complaintsboard.com is a leading resolution. Of 96.8 % includes newly delivered development and expansion sites really is the insurance a! Process efficiencies and reducing our office footprint the Sun Communities, recreational vehicle resorts, and marinas can! Summer of 2021 Chief Executive Officer since Sunsinception how employees evaluate their Executive team now. Can go up and down Safe Harbor marinas for $ 2.11 billion of the page unlevered IRR upon stabilization are... Speak to them the other day we obviously recapture of that lost interest.! Rates, and Jeffrey P Jorissen Chief Executive Officer since Sunsinception in 80 % our! Via mailing address: 27777 Franklin Road, Ste 200, Southfield Mi 48034 Apopka 55+. A solid relationship with our resident base, which is also our sales force % our... Our net debt-to-EBITDA ratio was 5.8 times a membership program where now you can see the history. Paying down that debt, if you will total portfolio occupancy of 96.8 % newly! Of payback as you kind of payback as you kind of payback as kind!
Metro Tournament Bracket,
Famous Sisters In Greek Mythology,
Examples Of Irony In Gulliver's Travels,
Articles G