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 I'll let John talk really about a 40-year history of manufactured housing. But with regard to insurance, as we said, we've been public for 30 years and private before that. He is a member of our Executive Committee. So that would -- that accounts for about an additional $90 million of that quarter-to-quarter increase. Hi, good afternoon. Lastly, our Board has raised our 2023 distribution to $3.72 per share, a 5.7% increase from the prior year. For the fourth quarter, we reported core FFO per diluted share of $1.33, a 1.5% increase from the prior year. I think from the booking pace perspective, right now, we are trending just a little bit ahead of last year, which is great. Jeff's experience and leadership will be a tremendous addition to our team. Lorem ipsum dolor sit amet consectetur adipisicing elit. Yes, thanks, good morning. Please disable your ad-blocker and refresh. Welcome to the Sun Communities Fourth Quarter and Year End 2022 Earnings Conference Call. What Could Elon Musk Possibly Be Thinking? Certainly with the headwinds of interest rates today, that is one big focus, Wes. Sure. The company's filing status is listed as Appointed 08/05/2005 and its File Number is F08203384. And I think our strategy has really stood the test of time. Gary A. Shiffman serves as Chairman of the Board of the Company. 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. SUN COMMUNITIES INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. The Last 12 Months Of Insider Transactions At Sun Communities. Career & Education - Company, University, & College Gary attended Michigan State University. As the Chairman of the Board of Sun Communities, the total compensation of Gary Shiffman at Sun Communities is $7,969,260. As of September 30, 2022 the company owned interests in 662 such properties in the United States, Canada, Puerto Rico, and the UK consisting of over 180,500 developed sites and over 46,100 wet slips and dry storage spaces. Thank you. Hey, guys. I think it's one of the high points that we've seen. The outperformance is due to higher demand for wet slips and dry storage spaces. 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. Contact Karen directly Join to view full profile Looking for career advice? I don't have that broken out here in front of me. Our next question is from the line of Keegan Carl with Wolfe Research. I mean you look at everything, whether it's earthquakes in Turkey and so forth that's impacting the cost of insurance for everybody. Thanks. 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. Hi, everyone. And how is kind of the ROI profile of your development sites evolved the past 12 months? Is that the main reason the service retail dining and entertainment NOI is declining year-over-year? [Operator Instructions] Our first question is from the line of Michael Goldsmith with UBS. ComplaintsBoard.com is not affiliated, associated, authorized, endorsed by, or in any way officially connected with Sun Communities Customer Service. Please go ahead. These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. Keegan, I'll give you the comparative for Same Property. 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 Of the 3,100 at the high end, 60% is expected on the RV side. We also did swap 400 million of our pound sterling term loan in the U.K. 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. Enter employee name to find & verify emails, phones, social links, etc. So, because there is a cost associated with over 16,000 sites that we've already bought and paid for, that are not yielding any return, we carry on debt. Required fields are marked *. 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? The chart below shows insider transactions (by companies and individuals) over the last year. Thank you. No. Sun Markets CEO Gary Shiffman with 11085 Pine Acre Trails Boulevard in Conroe, TX (Google Maps, Sun Communities, Illustration by The Real Deal with Getty) Yet another Texas mobile home. And they look at the claims that they've paid out versus the premiums they've taken in. Gary A. Shiffman is the CEO of Sun Communities, Inc. I think just general good stewardship of how we think about reducing that variable debt. 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? (Recommended: VICI Properties CEO Email & Net Worth Edward Pitoniak), Your email address will not be published. 1975: Milton M. Shiffman begins acquiring manufactured housing communities. MH and RV Same Property NOI increased by 4.4% in the quarter. The waitlist, we're now -- we now have a waitlist at 91% of our marinas. 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 . 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. Is this happening to you frequently? The most-recent trade in Sun Communities Inc is the acquisition of 129,486 shares on August 16, 2021, which cost Gary A Shiffman around $26 Million. Included in our revenue-producing site gains were over 2,250 transient RV annual lease conversions this year, a new record for Sun. He is a member of our Executive Committee. Together, the two parks one in Jurupa Valley and another in Banning, accordingContinue reading And as previously announced, we added Jeff Blau, CEO of Related Companies, to our Board of Directors. There are 4 older and 13 younger executives at Sun Communities. Purchase/Sale: Shares: Price $ Amount $ D/I: 01 Mar 2023 10:54: SUI: SUN COMMUNITIES INC : LEWIS CLUNET R Note that we expect first quarter results to reflect the seasonality of U.K. operations, as outlined in our supplemental, which we acquired in April 2022. At the midpoint, we were expecting 7.5% for this year. Sure. Manage Products and Account Information Support Americas +1 212 318 2000 EMEA +44 20 7330 7500 Asia Pacific +65 6212 1000 Company About Careers Diversity and Inclusion Tech At Bloomberg. Our strategic approach has delivered an attractive balance of a reliable organic growth and strong FFO per share increases. How are you guys thinking about that? SUN COMMUNITIES, INC. is an Arizona Business filed on October 7, 1997. And then, how are you guys thinking about the kind of payback as you kind of increase rate on the annual side? Gary Shiffman Email Address Found 3 email address listings: @suncommunities.com @vivabeverages.com @basseyselesko.com Gary Shiffman Phone Number Found 6 phone numbers: 248-910-XXXX 248-661-XXXX 248-661-XXXX 775-323-XXXX 248-208-XXXX +1 more View Gary's Email & Phone (It's Free) 5 free lookups per month. Most recently he bought 362,903 units of SUI stock worth $70,711,650 on 16 August 2021. This concludes our prepared remarks. Gary Shiffman bought 364.42k shares over the last 12 months at an average price of US$195. Your NOI is expected to grow 4.5% to 5.7%. Total portfolio occupancy of 96.8% includes newly delivered development and expansion sites. 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. 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. We have recently received our first permit to place new homes, and our new home sales program is largely set in anticipation of reopening sites in the second half of the year. The proceeds were used to repay amounts on our revolving credit facility. The CEO of Sun Communities is Gary Shiffman. At the midpoint, these rental increases are 6.3% for manufactured housing, 7.8% for RV and 7.5% for marinas. Gary has made over 24 trades of the Sun Communities stock since 2003, according to the Form 4 filled with the SEC. With Shiffman's guidance, he began building. I know the marinas [under the] (ph) safe harbor. 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Included in this expected expense growth is an approximately $18 million increase in property-related insurance costs. Search over 700 Please go ahead. Sun Communities, Inc. is an owner, operator and developer of manufactured housing communities. And a Car. Your Same Property NOI is growing 4.9% to 5.9%, yet your guidance is calling for earnings to be down in 2023. 5 free lookups per month. Or is there some other explanation? So, ex that drag, is the expense growth 6% to 7% and matching kind of like the top-line growth? 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. 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. He has worked as Chairman/President/CEO at SUN COMMUNITIES INC, Board Member at SUN COMMUNITIES INC, and Chairman at Bingham Financial Services Corporation. Thank you. And by paying down that debt, if that's what we elect to do, we obviously recapture of that lost interest rate. So that was the remaining item from that perspective, and we did realize a larger-than-expected increase for 2023. 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. What Unions Do; Form a Union; What We Care About; Take Action; Gary Shiffman. By continuing your navigation, you consent to their use. 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. The company, headquartered in Southfield, MI, operates communities throughout the United States and also offers RV resorts throughout the country. Main Telephone (248) 208-2500 Primary Address 27777 Franklin Road Suite 200 Southfield, MI 48034 USA So, you will continue to see an emphasis on that strategy as we go forward. We prefer the stickiness of the rent over the one-time margin on the home sales. Reason #3 to Attend: Discover. That is on a base of approximately 7.5% to 8% fewer site nights. It does not include the impact of prospective acquisitions, dispositions or capital markets activities, which may be included in research analyst estimates. Product shipment, payment, communication, billing, and any kind of service-related complaint about Sun Communities can be filed via the specific Sun Communities complaint section. Why? Those would be the primary reasons from that perspective. I think you mentioned and maybe in the prepared comments that it was almost like a loss leader. Park Holidays' portfolio is performing above our original underwriting, and the management team has done an excellent job integrating into Sun. We're looking to build our new developments to a high single-digit unlevered IRR upon stabilization. That is very likely making improvements to that site and bringing up the value of the community itself or being hyper-focused on continuing the conversion program over to the annual side. And would you expect your volume of acquisitions in 2023 to be lower or higher than 2022? 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? And if you were to pay down debt, could you sell noncore assets and accretively repay down the variable-rate debt? Our next question is from the line of Robyn Luu with Green Street. 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. 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, we also have the ability to continue negotiating our insurance through the year, and we will continue to do so. One last one from me. You may now disconnect your lines. Musks TeslaMaster Plan Lacks Drive. 4.9% growth in revenues reflected a 5% increase in weighted average monthly rent and a 180-basis point occupancy gain. John? Having turned over these units, we are now able to realize higher rents on incoming leases. Thank you very much. . Average price was about $196,000. With respect to ESG, we continually identify ways that we can enhance our corporate citizenship. After their remarks, there will be an opportunity to ask questions. We have inventory of over 16,000 fully-entitled sites for development and delivery in future years, representing embedded continued growth. Good morning, and thank you for joining us as we discuss fourth quarter and full year results for 2022 and our guidance for 2023. Our Culture: For 25-plus years, we've delivered positive revenue and NOI growth every year when others have seen ups and downs. Like, obviously, like insurance jumped up a lot this year outside of your control a little bit. They're actually trending a little bit ahead of this past year, which of course, as we shared before, is great because that is the feeder for more holiday home sales and more rent paying sites. (Suggested: Healthpeak Properties CEO Email & Net Worth Tom Herzog). 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. GARY A. SHIFFMAN, agent; GARY SHIFFMAN, director; JOHN B MCLAREN, president; KAREN J DEARING, treasurer; KAREN J DEARING, secretary This documentary-style series follows investigative journalists as they uncover the truth. Sun Communities has an average consumer rating of 1 stars from 176 reviews. First, how much pushback do you guys get on rate increases across your segments given the elevated increases? At year-end, our combined MH and RV occupancy was nearly 97%, reflecting approximately 96% occupancy within our manufactured housing portfolio. On a run rate trailing 12-month basis, our net debt-to-EBITDA ratio was 5.8 times. 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. Eventually, he took over the reins from his father to head the company. You guys are -- there's a membership program where now you can get your annual [indiscernible] at cost. ComplaintsBoard.com is a leading complaint resolution website on the Internet. 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. Gary A. Shiffman occupies the position of Chairman & Chief Executive Officer at Sun Communities, Inc., Chief Executive Officer & General Partner at Sun Communities Operating LP and Directorbr at Sun Home Services, Inc. (both are subsidiaries of Sun Communities, Inc.) and Chairman & Secretary at Bingham Financial Services Corp. No credit card required. 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. Competitors. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. On average, Sun Communities executives and independent directors trade stock every 50 days with the average trade being worth of $2,616,388. 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. 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. You called out $18 million increase in property-related insurance. 35 Ratings. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. I just want to make sure I'm looking at it correctly. 4.0 . Elevate! We are actively and programmatically working on a number of strategies to continue to reduce our exposure to variable-rate debt. Thank you. 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. If you're not automatically redirected, please click here. The acquired land can support over 2,500 future MH and RV sites. In 2022, core FFO per share grew 12.9%, driven by strong demand for our offerings as well as our accretive investment activity. I will now turn the call over to John and Fernando to speak to our results and guidance in detail. Affiliated Unions; Executive Council . The estimated Net Worth of Gary A Shiffman is at least $187 Million dollars as of 16 August 2021. 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? 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 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. 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. Or has something kind of shifted in the model a bit? He has overseen the acquisition, rezoning, development, expansion and marketing of numerous manufactured home communities, as well as recreational vehicle communities. This is less of a Sun issue, an asset class issue or anything like that. Required fields are marked *. So, there's no specific plan. And then to further reduce the floating rate exposure, are you looking to use interest rate swaps or utilize fixed-rate debt? Thank you, everybody. And he alluded to it, the rising rates is not necessarily a surprise, especially in the last few months. Maybe first on same store revenue expectations for '23. I think it reflects our strategic plan with management. 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. Please. {{ userNotificationState.getAlertCount('bell') }}. 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. So, it's going to take a real opportunity. Our next question is from the line of John Kim with BMO Capital Markets. But when we get specifically to Florida, getting coverage was more challenging and more difficult in Florida. We've done over $2.2 billion of IG unsecured bonds with that public market. He is a member of our Executive Committee. One of the key factors of our business that we are able to pass on, expenses in the form of rental increases. That 90% is ahead of the same time last year and the previous years. 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. 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. 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. (business & personal). Sun Communities is a publicly traded real estate investment trust that invests in manufactured housing communities, recreational vehicle resorts, and marinas. Live from Dubai, connecting Asian markets to the European opens. I would suggest that we're really seeing, maybe a little bit earlier than others from a renewal standpoint, what everybody else has been or will be seeing going forward. Search over 700 Hey, Steve, I think we've been pretty programmatic since achieving our investment-grade rating in the summer of 2021. 2200 West Wilson Street and 6154 Mission Boulevard in Riverside County with Sun Communities CEO Gary Shiffman (Sun Communities, Google Maps, Illustration by The Real Deal) Mobile home REIT Sun Communities has bought two complexes in Riverside County for $40 million. This information is according to proxy statements filed for the 2021 . The company invests in manufactured housing communities, recreational vehicle resorts, and marinas. Looking ahead, we have a solid development and expansion pipeline that can deliver accretive growth for years to come as well as the proven skill set and platform to sustain our growth. 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. 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. Is that a demand impact? As we know, that can go up and down. We have two property management companies competing in one community. 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. {{ userNotificationState.getAlertCount('bell') }}. Where This Score Ranks Sun Communities' CEO Rating BOTTOM 35% In the Bottom 35% of 2023 Similar Sized Companies on Comparably 2nd We don't have it broken down individually to Florida. Caucasian employees are most confident in their Executive Team. Looking for a particular Sun Communities employee's phone or email? 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. 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. 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 . Name . 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? This creates a very sticky customer base and gives us the ability to grow rents. 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. Going forward, we will focus on delivering two to three new MH developments each year as well as continued expansions at our existing properties. My first question is on the insurance. 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. 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. So, I would just point to the overall increase in insurance. 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Our first question is from the prior year search over 700 Hey, Steve, I look to..., our Board has raised our 2023 distribution to $ 3.72 per increases! % to 8 % fewer site nights is growing 4.9 % to 5.9,... 2.2 billion of IG unsecured bonds with that public market as of 16 August 2021 FFO per share,,... Front of me investments have accretive going-in cap rates, and Chairman at Bingham Financial Corporation! Today, that can go up and down share of $ 1.33, a %. He has worked as Chairman/President/CEO at Sun Communities Customer service claims that 've! Status is listed as Appointed 08/05/2005 and its File Number is F08203384 website on annual! Chairman at Bingham Financial Services Corporation identify ways that we 've delivered positive and! Results and guidance in detail on October 7, 1997 attended Michigan State University an... Please click here % growth in revenues reflected a 5 % increase from the prior gary shiffman sun communities email address caucasian employees most.
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