New home sales are up. So, it really is the feeder, if you will. We are nearly 95% booked, which is better than we were at this time last year for Q1. Got it. Image source: The Motley Fool. Safe Harbor's operating team, led by Baxter . So that is one area. Today, we stand at about 16% floating-rate debt. Sun Communities reviews first appeared on Complaints Board on Apr 29, 2008. 4.0 . Ironically, it is Sun Communities Inc (SUI) Chairman and CEO Gary Shiffman who perhaps unwittingly exposed how a key element of the White House Resident Biden tax hikes plan benefits consolidators, that includes Shiffman's own virtue-signaling ESG embracing firm. It's a great question. It's gotten more expensive. 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? We feel it's definitely recoverable. Required fields are marked *. 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. Where This Score Ranks Sun Communities' CEO Rating BOTTOM 35% In the Bottom 35% of 2023 Similar Sized Companies on Comparably 2nd Is that how you guys are thinking about it? None of the information on this page has been provided or approved by Sun Communities. What Could Elon Musk Possibly Be Thinking? 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. Reagan Haynes. I think it's growing from there right now, that we've noticed rental increases. 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. About Sun Communities, Inc. Sun Communities, Inc. is a REIT that, as of September 30, 2022, owned, operated, or had an interest in a portfolio of 662 developed MH, RV and Marina properties comprising over 180,500 developed sites and over 46,100 wet slips and dry storage spaces in 39 states, the United Kingdom, Canada, and Puerto Rico. I feel like throughout the fall, the messaging on the rate growth you were sending out was going to line up with expense growth. Reason #1 to Attend: Learn. And just on the excluding transient portion too, right, what would the range be if you exclude your expectations, because there's going to be a bit of an uplift? Get contact details including emails and phone numbers 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 . And I would remind the market, we have very manageable maturities, no looming towers over the course of the next couple of years. And I turn to John, who's overseeing that, to talk a little bit more about the particulars of the U.K. home sales. 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 So that was the remaining item from that perspective, and we did realize a larger-than-expected increase for 2023. Okay. 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. About Us. Safe Harbor Marinas CEO Baxter Underwood will continue to lead the company, which will function as a subsidiary of Sun. 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. Looking for a particular Sun Communities employee's phone or email? Importantly, we expect our G&A as a percentage of revenue to decline this year. Jul 27, 2021, 11:00 a.m. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. 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? 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. Got it. So, our expectation is that we can't pass-through the expenses. Is there anything impacting the guide this year from the termination of a lease? 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. 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 are an unparalleled team that has assembled a best-in-class portfolio and operating platform that has delivered impressive results over many years and continues to be positioned for future growth. 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. 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. 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. Research Tools (Related: T. Rowe Price CEO Email & Net Worth Rob Sharps). Thank you. Safe Harbor owns and operates 101 marinas in the U.S. with a network of nearly 40,000-member boat owners in 22 states. How much is the insurance as a percentage of operating percentage? 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. Within our MH and RV portfolio, we gained over 2,900 revenue-producing sites for the year. Sign-In-To-Your-Account. This documentary-style series follows investigative journalists as they uncover the truth. Comment * Steve, I can share with you, as of this point, and I'll let John go more into specific sales. You will network with leading professionals from around the country and bring back best practices to your workplace. GARY A. SHIFFMAN, agent; GARY SHIFFMAN, director; JOHN B MCLAREN, president; KAREN J DEARING, treasurer; KAREN J DEARING, secretary Elevate! RBC Capital Markets is positief over het aandeel met een koopadvies. Occupancy in our Same Property MH and RV portfolio remained strong, increasing 180 basis points during 2022 to end the year at 98.6%. Last updated 24 days ago. And I would suggest that strategically, we're looking at it very carefully. 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. Please go ahead. I don't have the numbers right in front of me, and we can get back to you or perhaps Fernando does, but you're absolutely correct. Sure. Sun Communities CEO Gary Shiffman believes that clients and employees are the greatest assets of a company. Safe Harbor Marinas Acquired for $2.1 Billion. As a reminder, this call is being recorded. 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. Our next question is from the line of Keegan Carl with Wolfe Research. Thank you. How to write a complaint about Sun Communities? And we expect about 60% of these revenue-producing sites to come from RV transient site conversions to annual leases. Yes. One is running the whole community into the ground. Read more Brian Hermelin Board Member C Clunet Lewis 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. Yes, thanks, good morning. (Suggested: Healthpeak Properties CEO Email & Net Worth Tom Herzog). Turning to guidance for 2023. So, things are rock-solid. Please go ahead. Thank you. Gary A. Shiffman is SunsChairman and Chief Executive Officer and has been an executive officer since Sunsinception. This information is according to proxy statements filed for the 2021 . 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. This company now owns 22 properties in Sky Harbor. So really, really strong demand. There's over 100 million people there, and we focus our geographic footprint and target the right markets to operate in. Yes. That is an increase of about 300 basis points over 2022. Because you obviously expect to compare a lot of sites, which means the comparative pool for transient is going to be much lower. So, we're running a little bit ahead. The company undertakes no obligation to advise or update any forward-looking statements to reflect events or circumstances after the date of this release. We have begun to see it decline. And so basically, we're just executing the plan that we set out to do. 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. Your email address will not be published. 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 Up to 5 Here are last year's highest-paid CEOs of publicly-traded REITs, with all data provided by S&P Global Market Intelligence. Thank you. Thanks a lot for taking my question. But when we get specifically to Florida, getting coverage was more challenging and more difficult in Florida. (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 Sun Communities executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. It does look like it's going down a little bit year-over-year. And second, specifically on marinas, how much longer do you think you can push at an elevated level? And while these aren't loss leaders, we are passing off gas, fuel at our cost to attract members. Job well done. Included in this expected expense growth is an approximately $18 million increase in property-related insurance costs. 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. (Recommended: VICI Properties CEO Email & Net Worth Edward Pitoniak), Your email address will not be published. And then, how are you guys thinking about the kind of payback as you kind of increase rate on the annual side? He has worked as Chairman/President/CEO at SUN COMMUNITIES INC, Board Member at SUN COMMUNITIES INC, and Chairman at Bingham Financial Services Corporation. Yes, the company is profitable. Having turned over these units, we are now able to realize higher rents on incoming leases. Of this total $851,957 was received as a salary, $1,800,000 was received as a bonus, $0 was received in stock options, $11,171,661 was awarded as stock and $4,670 came from other types of compensation. {{ userNotificationState.getAlertCount('bell') }}. 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. Sun Communities is a publicly traded real estate investment trust that invests in manufactured housing communities, recreational vehicle resorts, and marinas. 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. So, we don't currently see those type of headwinds that you're suggesting in the marina business. 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. Looking for a particular Sun Communities employee's phone or email? 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. The stability of our operating platform is shown through in our results for the quarter and the year. [Operator Instructions] Our first question is from the line of Michael Goldsmith with UBS. Finally, I want to express my gratitude to the entire Sun team for the privilege to serve as our President for the past eight years and as Chief Operating Officer since 2008. So, our new home or pre-owned home sales being down a little bit, it's just reflective of the demand, people staying in their homes longer. As we look ahead to 2023, we once again expect to deliver a year of solid Same Property growth. 10 free leads on us . Caucasian employees are most confident in their Executive Team. Thanks for that. What were they on the marina side, Fernando? I'll address the marine part, and you can talk about the rest of the portfolio, John. So, your math as far as the headwind from an expense growth perspective tracks. Maybe a follow-up on that in terms of the development sites. With Shiffman's guidance, he began building. Just one quick one from me on acquisitions. 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. On average, Gary trades about 19,735 units every 69 days since 2003. Our next question is from the line of Josh Dennerlein with Bank of America. Please DO NOT add attachments that contain your or other peoples personal information, if you dont want it to be visible to the public. The oldest executive at Sun Communities, Inc. is Clunet Lewis, 73, who is the Lead Independent Director. So that would -- that accounts for about an additional $90 million of that quarter-to-quarter increase. We and our stakeholders have benefited from the compelling supply and demand dynamics that underpin manufactured housing, RV communities and marinas. Career & Education - Company, University, & College Gary attended Michigan State University. Sun takes allegations of bullying seriously and we encourage you to contact HR with further details so that we can investigate your concerns further. Claim it and get a lot of features. . Every home they own was meant for demolition. | 27 februari 2023 No credit card required. Search over 700 Development is in Sun's DNA. As I assume my new responsibilities focusing on our MH development efforts, I look forward to supporting Bruce and the entire team. With regard to the three properties most directly affected by Hurricane Ian, I would note that the cleanup is complete, and we have started the rebuilding process. Gary Shiffman. The company's filing status is listed as Appointed 08/05/2005 and its File Number is F08203384. Live from Dubai, connecting Asian markets to the European opens. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! Use this comments board to leave complaints and reviews about Sun Communities. Thank you. So, in the Park Holidays portfolio, correct [if I'm getting] (ph) this wrong, 40% of all homebuyers have stayed in one of the rentals in the property and 60% of all buyers have stayed in a rental, in a park, in a holiday property. 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. He is a member of our Executive Committee. Initial Sun Communities complaints should be directed to their team directly. Good morning, everyone. Thanks. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Purchase/Sale: Shares: Price $ Amount $ D/I: 01 Mar 2023 10:54: SUI: SUN COMMUNITIES INC : LEWIS CLUNET R The Sun Communities Executive Team is rated a "C+" and led by CEO Gary Shiffman. 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 of 16 August 2021 he still owns at least 940,253 units of Sun Communities stock. Hi, good morning. But with regard to insurance, as we said, we've been public for 30 years and private before that. 1985: The company incorporates in order to expand further. And then, my second question is just on the flow-through of the NOI growth. 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. 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. If you have an ad-blocker enabled you may be blocked from proceeding. And really look forward to John's 10-year operating our communities, in particular, manufactured housing and being able to transfer that over to the 16,000-site inventory we now have to grow by. 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. So, we're not losing money or subsidizing anything. Good morning. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. 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. Up to 5 Gary A. Shiffman serves as Chairman of the Board of the Company. This year there were 200 companies that made the list . Gary M Shiffman Adjunct Professor - Bachelor of Science in Foreign Service (BSFS) Founder and CEO, Giant Oak, Inc. 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. That being said, we firmly feel that these SRD&E activities, especially the service, is very, very important to the occupancy and to the stickiness and demand for the safe harbor marinas as compared to marinas that don't offer the service. 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. million verified professionals across 35 million companies. Hi, everyone. Of the 3,100 at the high end, 60% is expected on the RV side. 4.9% growth in revenues reflected a 5% increase in weighted average monthly rent and a 180-basis point occupancy gain. 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. There are 4 older and 13 younger executives at Sun Communities. We certainly saw the cost of development spike up through the pandemic, short supply, supply chain, et cetera. 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? And the only thing I'd add and then we covered in our posted deck is the delta difference between alternatives, whether it being single-family residential, whether it be multifamily, where you still do provide 25% more space at 50% of the per square foot cost offer a lot of advantages of being able to pull right up to the house, bring your groceries on, have your car in a carport, a garage, et cetera. Included in our revenue-producing site gains were over 2,250 transient RV annual lease conversions this year, a new record for Sun. Is this your company? 50 followers 40 connections. She joined us in 1998 as a Director of . We have two property management companies competing in one community. Executive Summary. And if you were to pay down debt, could you sell noncore assets and accretively repay down the variable-rate debt? We will remain disciplined in our investment activity, and our unparalleled expansion and development platform will continue to provide us with a differentiated growth opportunity. 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. So, we have a stringent policy there. Reason #3 to Attend: Discover. With respect to ESG, we continually identify ways that we can enhance our corporate citizenship. We anticipate investing roughly $200 million in our ground-up development and expansion activity. We're very pleased with the performance of all. We've discussed the fact that cost of capital is such that we have sharpened our pencil razor thin. I will now turn it over to Fernando to discuss our financial results in more detail. And as previously announced, we added Jeff Blau, CEO of Related Companies, to our Board of Directors. Thank you. Sun Communities said the purchase diversifies its geographic and demographic footprint. Sun Communities, Inc. is an owner, operator and developer of manufactured housing communities. Subsequent to the Park Holidays transaction, we acquired 14 best-in-class holiday parks in the U.K. As the Chairman of the Board of Sun Communities, the total compensation of Gary Shiffman at Sun Communities is $7,969,260. I think it totally reflects quality, location and value of the assets in our portfolio. 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. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. As there are no further questions at this time, I would like to turn the floor back over to Gary Shiffman for closing comments. Please go ahead. Got it. ComplaintsBoard.com is a leading complaint resolution website on the Internet. NYSE: SUI. Please go ahead. 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. 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. Older and 13 younger executives at Sun Communities reviews first appeared on complaints Board on Apr 29 2008... Boat owners in 22 states is that we ca n't pass-through the expenses supply,! Year there were 200 companies that made the list: Healthpeak Properties email... Be directed to their team directly new responsibilities focusing on our MH and RV gary shiffman sun communities email address, we once again to! Of sites, which will function as a Director of, this call is being recorded 2023 we. 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