Jeff's experience and leadership will be a tremendous addition to our team. It's actually one that we started on in July of the second quarter. Please go ahead. So, we have a stringent policy there. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. Please disable your ad-blocker and refresh. Safe Harbor Marinas CEO Baxter Underwood will continue to lead the company, which will function as a subsidiary of Sun. Is that the main reason the service retail dining and entertainment NOI is declining year-over-year? None of the information on this page has been provided or approved by Sun Communities. Sun Communities, Inc. (SUI) Southfield, MI. He is a member of our Executive Committee. And I'll let John talk really about a 40-year history of manufactured housing. Career & Education - Company, University, & College Gary attended Michigan State University. The company has to face competition from other REIT players like: As of 2022, Gary Shiffmans net worth could be estimated to be between 100-150 million USD. I will now turn it over to Fernando to discuss our financial results in more detail. Is -- does the 15% reflect market prices? We continue to evaluate parts of our portfolio where we think we can redeploy the capital with greater growth. We're not going to reflect that different than our competitors and other asset classes. 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 And we will closely evaluate and continue to evaluate our exposure that is impacted by insurance as we go forward. (Related: T. Rowe Price CEO Email & Net Worth Rob Sharps). At the midpoint, we were expecting 7.5% for this year. SUN HOMES (trading name, 1994-06-02 - 1999-12-31) SUN HOMES (trading name, 2000-01-13 - 2020-12-31) Agent Name GARY A. SHIFFMAN Agent Address 27777 FRANKLIN RD STE 200, SOUTHFIELD, MI, 48034 Directors / Officers. Thank you. Sign-In-To-Your-Account. Sun Communities' CEO, Gary Shiffman, has 32 employee ratings and a score of 64/100, placing them in the Bottom 35% of similar size companies on Comparably with 1,001-5,000 Employees. So, we believe we can still quite -- develop, if you will, a lot more beneficially than we can acquire out in the marketplace as cap rates have not adjusted for manufactured housing, of course, because of the fundamentals that investors see in manufactured housing, and because Sun, being one of the largest consolidator, has created a really [dearth] (ph) of acquisition opportunity there in manufactured housing. 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. This documentary-style series follows investigative journalists as they uncover the truth. Our next question is from the line of Keegan Carl with Wolfe Research. This information is according to proxy statements filed for the 2021 . Gary A. Shiffman is the CEO of Sun Communities, Inc. Your email address will not be published. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. At the midpoint, these rental increases are 6.3% for manufactured housing, 7.8% for RV and 7.5% for marinas. Thank you for your participation in today's conference. Same is true in the RV for vacationing. Email Format Management Sun Communities Management Sun Communities employs 798 employees. She joined us in 1998 as a Director of . Company profile for Sun Communities Inc. including key executives, insider trading, ownership, revenue and average growth rates. It does not include the impact of prospective acquisitions, dispositions or capital markets activities, which may be included in research analyst estimates. They definitely came in looking pretty strong, so just a few questions. Gary attended Michigan State University. 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. million verified professionals across 35 million companies. 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%. Privacy Policy. Gary A. Shiffman; CEO, President & Chairman; Sun Communities, Inc. John Bandini McLaren; EVP; Sun Communities, Inc. Anthony Franklin Powell; Research Analyst; Barclays Bank PLC,. (Recommended: VICI Properties CEO Email & Net Worth Edward Pitoniak), Your email address will not be published. We prefer the stickiness of the rent over the one-time margin on the home sales. Enter employee name to find & verify emails, phones, social links, etc. And they look at the claims that they've paid out versus the premiums they've taken in. Stock Symbol. So, it really is the feeder, if you will. Subsequent to the Park Holidays transaction, we acquired 14 best-in-class holiday parks in the U.K. 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? We never had a stronger balance sheet, but we're very, very focused on bringing value and growth opportunity to our shareholders. Contact Us. Regarding average rental rate increases, we reiterate the guidance ranges provided back in October. The pound is still devalued in comparison to this time last year, and it's -- most people travel within two hours to get to the properties. Up to 5 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 He has overseen the acquisition, rezoning, development and marketing of numerous manufactured home expansion projects, as well as other types of income producing real estate. Just one quick one from me on acquisitions. About Us. The Sun Communities management team includes Gary Shiffman (Chief Executive Officer), Lori Rumer (Division Vice President), and Eliseo Reategui (Food and Beverage Manager) . As John likes to say, it's a lot harder to book a Tuesday or a Wednesday than it was during COVID as people are back to school, back to work. So yes, that does factor into our toolbox. (Suggested: Healthpeak Properties CEO Email & Net Worth Tom Herzog). Sun Communities & Sun Outdoors has been named a Top Workplace in Michigan by the Detroit Free Press! As a CEO, he manages, develops, constructs, and acquires housing communities. Real estate investment trust Sun Communities said it is acquiring Safe Harbor Marinas for $2.11 billion. Contact Karen directly Join to view full profile Looking for career advice? Please go ahead. At year-end, our combined MH and RV occupancy was nearly 97%, reflecting approximately 96% occupancy within our manufactured housing portfolio. And going forward, we expect good solid growth this coming year. As there are no further questions at this time, I would like to turn the floor back over to Gary Shiffman for closing comments. Mr Shiffman has over 30 years' experience in executive and non-executive roles in financial and real estate public companies listed on the NYSE and NASDAQ. ET. ComplaintsBoard.com is not affiliated, associated, authorized, endorsed by, or in any way officially connected with Sun Communities Customer Service. Got it. 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 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. By continuing your navigation, you consent to their use. 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. Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? Your email address will not be published. [Operator Instructions] Our first question is from the line of Michael Goldsmith with UBS. Looking for a particular Sun Communities employee's phone or email? You can see the complete history of Mr. Shiffman stock trades at the bottom of the page. We've done over $2.2 billion of IG unsecured bonds with that public market. Sun Communities employees rate their Executive Team in the Top 50% of similar size companies on Comparably with 1,001-5,000 Employees. The oldest executive at Sun Communities, Inc. is Clunet Lewis, 73, who is the Lead Independent Director. Gary Shiffman. If you have an ad-blocker enabled you may be blocked from proceeding. 50 followers 40 connections. Yes, Wes, it's Gary. Get Contact Info for All Departments Sun Communities Org Chart Gary Shiffman So that would -- that accounts for about an additional $90 million of that quarter-to-quarter increase. Okay. And would you expect your volume of acquisitions in 2023 to be lower or higher than 2022? Our Communities. We are actively and programmatically working on a number of strategies to continue to reduce our exposure to variable-rate debt. 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. Voor het kwartaal verwachtte het. 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. Safe Harbor Marinas Acquired for $2.1 Billion. 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. 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. The chart below shows insider transactions (by companies and individuals) over the last year. The fourth quarter continued to show strength. Thank you. I mean it's not really discounts to push the volume, but I think when we walked in, I think part of the investment thesis that we shared in the beginning was the fact that we might thin the margin a little bit to gain more sites and gain more ongoing revenue, okay, on those sites. How construction costs changed on those? 4.0 . In addition, he makes $7,969,260 as Chairman of the Board at Sun Communities. (business & personal). Sign up for a free account. Thank you very much. Over the last 20 years, insiders at Sun Communities have traded over $67,900,866 worth of Sun Communities stock and bought 1,365,690 units worth $164,659,142 Included in this expected expense growth is an approximately $18 million increase in property-related insurance costs. 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. And if you had, let's say, a different geographic mix, would your insurance cost be more moderate this year? So, our expectation is that we can't pass-through the expenses. There are 4 older and 13 younger executives at Sun Communities. We're very pleased with our 2022 achievements. ComplaintsBoard.com is a leading complaint resolution website on the Internet. The company's principal address is . He is our Chairman and Chief Executive Officer and has been a director and an executive officer since our inception in 1993. 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. MH and RV Same Property NOI increased by 4.4% in the quarter. He is a member of our Executive Committee. The proceeds were used to repay amounts on our revolving credit facility. Ms. Dearing served as our Chief Financial Officer, Treasurer and Secretary from 2008 - 2022. I know the marinas [under the] (ph) safe harbor. And I think our strategy has really stood the test of time. 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. 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This complaint was posted by a verified customer. 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. Hey, Steve, I think we've been pretty programmatic since achieving our investment-grade rating in the summer of 2021. And by paying down that debt, if that's what we elect to do, we obviously recapture of that lost interest rate. 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. As we sharpen our pencil and assess capital and funding alternatives, growing our revenue-producing sites through expansions and ground-up developments continues to offer accretive returns. There's over 100 million people there, and we focus our geographic footprint and target the right markets to operate in. Yes. Having turned over these units, we are now able to realize higher rents on incoming leases. So, there's no specific plan. Hey, guys. How much is the insurance as a percentage of operating percentage? Like is it a two-year kind of payback, three-year? Yes. Together, the two parks one in Jurupa Valley and another in Banning, accordingContinue reading This is less of a Sun issue, an asset class issue or anything like that. We have two property management companies competing in one community. (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 We have inventory of over 16,000 fully-entitled sites for development and delivery in future years, representing embedded continued growth. Sun Communities reviews first appeared on Complaints Board on Apr 29, 2008. The company's filing status is listed as Appointed 08/05/2005 and its File Number is F08203384. Sun Communities, Inc. heeft een winstverwachting afgegeven voor het eerste kwartaal eindigend op 31 maart 2023 en het gehele jaar eindigend op 31 december 2023. The Sun Communities Executive Team is rated a "C+" and led by CEO Gary Shiffman. Sun Communities competes in Real estate investment trust industry. No. 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. I don't believe we'll lose any opportunities because Sun always has a seat at the table and just about all of the sellers will reach out to Sun, either directly or through a relationship or brokerage. Within our MH and RV portfolio, we gained over 2,900 revenue-producing sites for the year. 320,000, I think, we talked about moved in there last year. Yes. Email Formats. I just have a question on the service retail and dining guide. GARY A. SHIFFMAN, agent; GARY SHIFFMAN, director; JOHN B MCLAREN, president; KAREN J DEARING, treasurer; KAREN J DEARING, secretary Garry Shiffman, age 67, helped his father Milton M. Shiffman, who was a medical practitioner, built Sun Communities. I wanted to follow on Steve's question. This year marks Sun's 30th year as a public company. This year there were 200 companies that made the list . I think from the booking pace perspective, right now, we are trending just a little bit ahead of last year, which is great. We certainly saw the cost of development spike up through the pandemic, short supply, supply chain, et cetera. These new sites will begin contributing revenue in 2023 and provide a new base for growth in the coming years. Going forward, we will focus on delivering two to three new MH developments each year as well as continued expansions at our existing properties. Bloomberg Daybreak Middle East. 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? That 90% is ahead of the same time last year and the previous years. 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. We did over since December of 2021 about 850 of treasury locks and swaps. Thank you, everybody. Experience speakers and breakout sessions that will leave you inspired, invigorated, and with new ideas to implement right away. 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. 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