We have two property management companies competing in one community. 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 Thanks. And that's an area that we're focusing on, and there are also smaller margins on the lodges than there are on the lower-based homes. Required fields are marked *. This review was chosen algorithmically as the most valued customer feedback. 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. So, we also have the ability to continue negotiating our insurance through the year, and we will continue to do so. But as John mentioned or maybe I mentioned during -- in my section of the script, we are expecting another very strong year of conversions from transient sites to annual leases. 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. 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. 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%. What were they on the marina side, Fernando? free lookups / month. We negotiate as a package. Email Formats. So, should this only grow with acquisitions? Average price was about $196,000. As a reminder, this call is being recorded. But I think when we talk about supply/demand, we talk about over 11 million vessels registered for 800,000, 900,000 wet and dry slips. About Us. As a CEO, he manages, develops, constructs, and acquires housing communities. I think it totally reflects quality, location and value of the assets in our portfolio. 320,000, I think, we talked about moved in there last year. Main Telephone (248) 208-2500 Primary Address 27777 Franklin Road Suite 200 Southfield, MI 48034 USA Through his hard work and dedication, he has been leading the real estate market in America. On a run rate trailing 12-month basis, our net debt-to-EBITDA ratio was 5.8 times. In 2022, core FFO per share grew 12.9%, driven by strong demand for our offerings as well as our accretive investment activity. Thank you. Is that the main reason the service retail dining and entertainment NOI is declining year-over-year? And a big focus that has really been there for almost 10 years now of the conversions that we talk a lot about, it is easier to forecast when we convert a transient to an annual. So, I would just point to the overall increase in insurance. Claim it and get a lot of features. Thank you. And third, of course, is that difficult economies often turn up opportunities, and we are looking at a number of opportunities from all of the different platforms. Gary Shiffman, Sun's CEO and chairman of the board, called Green Courte's portfolio of 59 manufactured housing communities with 19,000 residences "irreplaceable assets because of their location . And how is kind of the ROI profile of your development sites evolved the past 12 months? Please go ahead. We continue to evaluate parts of our portfolio where we think we can redeploy the capital with greater growth. The CEO of Sun Communities is Gary Shiffman. You called out $18 million increase in property-related insurance. I will now turn the call over to John and Fernando to speak to our results and guidance in detail. RBC Capital Markets is positief over het aandeel met een koopadvies. 50 followers 40 connections. Required fields are marked *. 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. Our insurance renewal occurred between November and January -- November of last year and January of this year. Gary A. Shiffman; CEO, President & Chairman; Sun Communities, Inc. John Bandini McLaren; EVP; Sun Communities, Inc. Anthony Franklin Powell; Research Analyst; Barclays Bank PLC,. For 25-plus years, we've delivered positive revenue and NOI growth every year when others have seen ups and downs. (Related: T. Rowe Price CEO Email & Net Worth Rob Sharps). We received an approximate 50% uplift in revenue in the first full year after conversion. And I would just emphasize the point that Gary made in his answer, which is that this has a lot more to do with what events are taking place across the world, okay? So, we don't currently see those type of headwinds that you're suggesting in the marina business. And while these aren't loss leaders, we are passing off gas, fuel at our cost to attract members. This year marks Sun's 30th year as a public company. So, that doesn't reflect market prices to 15%? At our RV communities, we set another annual record for site conversions to annual leases. We are nearly 95% booked, which is better than we were at this time last year for Q1. 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. And then, about 20%, 25% of it is, right, we -- is the FX on the debt amount. Additionally, we regularly evaluate our portfolio for capital recycling opportunities to enhance our long-term growth profile. Sure. 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. Same is true in the RV for vacationing. Going forward, we will focus on delivering two to three new MH developments each year as well as continued expansions at our existing properties. Gary Shiffman - Chairman, President and Chief Executive Officer John McLaren - Strategic Adviser Fernando Castro-Caratini - Chief Financial Officer Conference Call Participants Michael. 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. John? 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. Our next question is from the line of Steve Sakwa with Evercore ISI. Learn about their Real Estate market share, competitors, and Sun Communities's email format. A follow-up question on insurance. (Podcast), Chairman/President/CEO, Sun Communities Inc. 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. So that would -- that accounts for about an additional $90 million of that quarter-to-quarter increase. The oldest executive at Sun Communities, Inc. is Clunet Lewis, 73, who is the Lead Independent Director. 27777 Franklin Rd, Ste 200, Southfield, Michigan 48034, US, View I don't have that broken out here in front of me. I just want to make sure I'm looking at it correctly. 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? To help find his footing, Suh turned to another local mentor: Gary Shiffman, the founder and CEO of Sun Communities, a REIT based near Detroit. The U.K. market for holiday parks remains highly fragmented. The company's principal address is . We've done over $2.2 billion of IG unsecured bonds with that public market. 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. And then to further reduce the floating rate exposure, are you looking to use interest rate swaps or utilize fixed-rate debt? Enter employee name to find & verify emails, phones, social links, etc. 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. KAREN J. DEARING. Thanks for that. Every home they own was meant for demolition. I think it's growing from there right now, that we've noticed rental increases. Please go ahead. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! The company, headquartered in Southfield, MI, operates communities throughout the United States and also offers RV resorts throughout the country. Please go ahead. 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. And on the lease termination, we did mention in my remarks, we did rationalize some space in our main office and got out of two floors in our offices here in Southfield. It does not include the impact of prospective acquisitions, dispositions or capital markets activities, which may be included in research analyst estimates. What are you seeing on the leading-edge demand for transient RV? In addition, he makes $7,969,260 as Chairman of the Board at Sun Communities. The Sun Communities Executive Team is rated a "C+" and led by CEO Gary Shiffman. Lorem ipsum dolor sit amet consectetur adipisicing elit. 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. 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. Development is in Sun's DNA. Why? Faqs. Sun Communities has resolved 0 complaints. 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. I think that we don't typically provide guidance towards acquisitions and, of course, capital marketplace activities. So, I think, again, 40-year track record, 30-year public, 10-year private, indicates that we will be able to continue to get the correct growth based on the value proposition. 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 when we talk about passing on guests at our cost, it's not just the cost we buy it at the pumper truck, but it's the cost associated with delivering it. Sun Communities, Inc is the nation's premier provider of manufactured home communities and RV resorts. Denso International America, Inc. Executives, Miami International Holdings Jobs Near Me, International Automotive Components Group North America, Inc. Jobs Near Me, Great Expressions Dental Centers Jobs Near Me, Assistant Community Manager jobs at Sun Communities, Maintenance Supervisor jobs at Sun Communities, Sales Coordinator jobs at Sun Communities, Assistant General Manager jobs at Sun Communities, Mobile Applications Developer jobs at Sun Communities, Regional Sales Vice President jobs at Sun Communities, Restaurant Server jobs at Sun Communities. Sun Communities CEO Gary Shiffman believes that clients and employees are the greatest assets of a company. Thank you. 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. Live from Dubai, connecting Asian markets to the European opens. How much is the insurance as a percentage of operating percentage? (business & personal). 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 current estimated net worth of Sun Communities Inc's Chairman, Gary A Shiffman, is estimated to be about $243.54M . So, seeing the demand, where it is now, is very encouraging for us. 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. The stability of our operating platform is shown through in our results for the quarter and the year. 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. Thank you. 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 He is a member of our Executive Committee. The acquired land can support over 2,500 future MH and RV sites. 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're very pleased with our 2022 achievements. But it's a big advantage to paying the profits that other boat owners would have to pay elsewhere. As the Chairman of the Board of Sun Communities, the total compensation of Gary Shiffman at Sun Communities is $7,969,260. million verified professionals across 35 million companies. Of the 3,100 at the high end, 60% is expected on the RV side. Good morning, and thank you for joining us as we discuss fourth quarter and full year results for 2022 and our guidance for 2023. As there are no further questions at this time, I would like to turn the floor back over to Gary Shiffman for closing comments. million verified professionals across 35 million companies. You can find contact details for Sun Communities above. He is a member of our Executive Committee. Okay. I think everything is under review. We have inventory of over 16,000 fully-entitled sites for development and delivery in future years, representing embedded continued growth. Your email address will not be published. Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. 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At this time, management would like me to inform you that certain statements made during this call, which are not historical facts, may be deemed forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995. 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. Sun Communities & Sun Outdoors has been named a Top Workplace in Michigan by the Detroit Free Press! So, we're running a little bit ahead. Because you obviously expect to compare a lot of sites, which means the comparative pool for transient is going to be much lower. We've just elected to shift smaller margin over to higher valuation in the form of sticky rent. The fact that we're in Florida, Texas and California is by design. Like, obviously, like insurance jumped up a lot this year outside of your control a little bit. One of the key factors of our business that we are able to pass on, expenses in the form of rental increases. We look forward to our next call and certainly invite anyone to reach out to Fernando and his team with any follow-up questions. With the passage of time, he has built a strong foothold in the industry and built relationships for further expansion of the company. Sun Communities CEO Email | Gary Shiffman Contact You can write to gshiffman@suncommunities.com to connect with the real estate investment firm's CEO. 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. 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. 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. Sign-In-To-Your-Account. Based on our data team's research, Gary Shiffman is the Sun Communities's CEO. Good morning, everyone. Today, we stand at about 16% floating-rate debt. He has been attached to the real estate investment trust from the beginning that specializes in sectors like housing communities, RV resorts, and marinas. The outperformance is due to higher demand for wet slips and dry storage spaces. Sep 30, 2020. We and our stakeholders have benefited from the compelling supply and demand dynamics that underpin manufactured housing, RV communities and marinas. After their remarks, there will be an opportunity to ask questions. Company Overview. As Chairman and Chief Executive Officer at SUN COMMUNITIES INC, Gary A. Shiffman made $13,828,288 in total compensation. 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. Job well done. (business & personal). 1975: Milton M. Shiffman begins acquiring manufactured housing communities. So strategically, we do have to think about the cost return proposition in that state as we do everywhere. Your Same Property NOI is growing 4.9% to 5.9%, yet your guidance is calling for earnings to be down in 2023. Turning to guidance for 2023. 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. Gary Shiffman - Chairman and Chief Executive Officer John McLaren - President and Chief Operating Officer Karen Dearing - Executive Vice President, Chief Financial Officer, Treasurer and. ET. Reagan Haynes. At the midpoint of the ranges, summarized in our press release, this total Same Property NOI growth assumes 4.6% growth from manufactured housing, 5.8% growth from RV and a 7% increase from marinas. I think just general good stewardship of how we think about reducing that variable debt. Please go ahead. On a total portfolio basis, we expect total revenues from real property to increase between 8.1% and 8.7% in 2023, and expenses to increase between 13.5% and 13.9%. Sign up for a free account. We are also establishing guidance for first quarter 2023 core FFO per share in the range of $1.15 to $1.20. 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. Is there anything impacting the guide this year from the termination of a lease? You will network with leading professionals from around the country and bring back best practices to your workplace. We will now open the call for questions. And a Car. 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. Got it. 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. And so -- and then the other thing that I would add is looking out into 2023 from a strength perspective, 90% of our owners have already paid their 2023 pitch fees in full are committed on direct debit. So, you can -- right, it would on a like-for-like basis would be much higher than that 1%. Sun Communities competes in Real estate investment trust industry. Where This Score Ranks Sun Communities' CEO Rating BOTTOM 35% In the Bottom 35% of 2023 Similar Sized Companies on Comparably 2nd Within our MH and RV portfolio, we gained over 2,900 revenue-producing sites for the year. Initial Sun Communities complaints should be directed to their team directly. As of 2022, Sun Communitiess net worth stands at 20-24 billion USD. 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? My first question is on the insurance. Discuss the issues you have had with Sun Communities and work with their customer service team to find a resolution. Together, the two parks one in Jurupa Valley and another in Banning, accordingContinue reading Yes, the company is profitable. Hi, good morning. Mr Shiffman was appointed to the Board in December 2018. Your NOI is expected to grow 4.5% to 5.7%. Full year transient Same Property RV revenues grew by 3.1%, reflecting an average rate of growth of 14.1%, despite an almost 10% reduction in available site nights from the strategic conversion of transient sites to annual leases. Mr. Shiffman, you may begin. 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 So, you will continue to see an emphasis on that strategy as we go forward. This year there were 200 companies that made the list . Operator? 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. Similar Profiles. Yes. We prefer the stickiness of the rent over the one-time margin on the home sales. These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. We certainly saw the cost of development spike up through the pandemic, short supply, supply chain, et cetera. Technologies. Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? And as we shared with the original information we provided on the deal, Brexit still makes it difficult to travel in the continent. 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. So, from the end of September to the end of December, the pound did appreciate significantly. 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. 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. So, we're not running to shed assets, but we are reviewing them very, very carefully as to growth. Caucasian employees are most confident in their Executive Team. 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 . I think it clearly reflects a capital reinvestment that we've shared with our stakeholders before, that if we don't reinvest in our communities, we do strip the equity right out from underneath the homeowners. 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. Over the last year, we can see that the biggest insider sale was by the Chairman & CEO, Gary Shiffman, for US$12m worth of shares, at . Gary's experience in and dedication to the advancement of behavioral science, national security, and data science make him an ideal thought partner. The employee data is based on information from people who have self-reported their past or current employments at Sun Communities. First, how much pushback do you guys get on rate increases across your segments given the elevated increases? Maybe first on same store revenue expectations for '23. I will add that we did speak to them the other day. 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. Sun Communities announced Tuesday that it had acquired Dallas-based Safe Harbor Marinas for $2.11 billion. Purchase/Sale: Shares: Price $ Amount $ D/I: 01 Mar 2023 10:54: SUI: SUN COMMUNITIES INC : LEWIS CLUNET R No. Gary A Shiffman owns about 1,016,253 units of Sun Communities Inc common . Our next question is from the line of Brad Heffern with RBC Capital Markets. Competitors. It reflects the environment for insurance at this point in time. So that is one area. Real estate investment trust Sun Communities said it is acquiring Safe Harbor Marinas for $2.11 billion. Revenue expectations for '23 16,000 fully-entitled sites for development and delivery in years. By CEO Gary Shiffman at Sun Communities & amp ; Sun Outdoors has been named a Top in... We will continue to evaluate parts of our business that we are passing off gas, fuel at RV... And as we shared with the passage of time, he has built a foothold... About 1,016,253 units of Sun Communities and Marinas directed to their team directly Podcast ), Chairman/President/CEO, Sun net... 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