Thanks a lot for taking my question. Yes, the company is profitable. . Is that how you guys are thinking about it? Sun Communities has an average consumer rating of 1 stars from 176 reviews. 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. And going forward, we expect good solid growth this coming year. Thank you for your participation in today's conference. We maintain a solid relationship with our resident base, which is also our sales force. Main Telephone (248) 208-2500 Primary Address 27777 Franklin Road Suite 200 Southfield, MI 48034 USA RBC Capital Markets is positief over het aandeel met een koopadvies. Keegan, I'll give you the comparative for Same Property. Our strategic approach has delivered an attractive balance of a reliable organic growth and strong FFO per share increases. The chart below shows insider transactions (by companies and individuals) over the last year. Thank you. We're very pleased with our 2022 achievements. 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. Eventually, he took over the reins from his father to head the company. About Us. Get Contact Info for All Departments Sun Communities Org Chart Gary Shiffman So, it really is the feeder, if you will. Caucasian employees are most confident in their Executive Team. At the midpoint, these rental increases are 6.3% for manufactured housing, 7.8% for RV and 7.5% for marinas. SEC Form 4 FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIPFiled pursuant to Section 16(a) of the Securities Exchange Act . 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. View more questions & answers Overview of Sun Communities complaint handling So, we have a stringent policy there. And then, how are you guys thinking about the kind of payback as you kind of increase rate on the annual side? I just want to make sure I'm looking at it correctly. Thank you. And then, my second question is just on the flow-through of the NOI growth. 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. I will now turn the call over to John and Fernando to speak to our results and guidance in detail. Use this comments board to leave complaints and reviews about Sun Communities. We've done over $2.2 billion of IG unsecured bonds with that public market. GARY A. SHIFFMAN, agent; GARY SHIFFMAN, director; JOHN B MCLAREN, president; KAREN J DEARING, treasurer; KAREN J DEARING, secretary We anticipate investing roughly $200 million in our ground-up development and expansion activity. Having turned over these units, we are now able to realize higher rents on incoming leases. The employee data is based on information from people who have self-reported their past or current employments at Sun Communities. 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. Sun Communities raise the rent and by Sun Communities raise the rent by 4.5% every year until it become unaffordable living in one of their 55 y/old trailer park. . Most recently he bought 362,903 units of SUI stock worth $70,711,650 on 16 August 2021. Operator? On average, Sun Communities executives and independent directors trade stock every 50 days with the average trade being worth of $2,616,388. Safe Harbor owns and operates 101 marinas in the U.S. with a network of nearly 40,000-member boat owners in 22 states. And I think it's reflected by the fact that we now have a waiting list in 80% of our marinas. Every home they own was meant for demolition. Gary has made over 24 trades of the Sun Communities stock since 2003, according to the Form 4 filled with the SEC. SUN COMMUNITIES INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. This company now owns 22 properties in Sky Harbor. 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. Going forward, we will focus on delivering two to three new MH developments each year as well as continued expansions at our existing properties. Are you now, or have you ever been a victim of domestic violence? And a Car. We've been quite programmatic from that perspective to support our issuance in the unsecured bond market. 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. I think just general good stewardship of how we think about reducing that variable debt. Het koersdoel wordt verlaagd van 166 naar 161 USD. Hey, guys. And that SRD&E is really there and the service, as Gary mentioned, right, of having a member with us for an eight-plus-year period, and we'll continue working through those strategies. Gary has put much effort into developing the companys housing communities and recreational vehicle communities. Gary attended Michigan State University. Company Overview. Please go ahead. We were expecting about a 90-basis point increase year-over-year in revenue from transient RV. I think that we don't typically provide guidance towards acquisitions and, of course, capital marketplace activities. Sun Communities has 3,146 employees, of which 5 are in a leadership position. This review was chosen algorithmically as the most valued customer feedback. 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. This is less of a Sun issue, an asset class issue or anything like that. Bloomberg Daybreak Middle East. Thank you. We have two property management companies competing in one community. And then, on the U.K., it looked like MH occupancy was down almost 300 basis points in the fourth quarter. 1985: The company incorporates in order to expand further. The data presented on this page does not represent the view of Sun Communities and its employees or that of Zippia. The fact that we're in Florida, Texas and California is by design. I wanted to follow on Steve's question. Out of their 1 competitor, Aspen Heights, Sun Communities' score . 2023 Sun Communities, Inc. All Rights Reserved. Trying to grab the paperwork here. Total portfolio occupancy of 96.8% includes newly delivered development and expansion sites. That is an increase of about 300 basis points over 2022. Yes, that's a great question. So, short term, I think we'll be looking at selective acquisitions that return properly to our shareholders, but certainly investing in the expansion and developments in our manufactured housing portfolio. {{ userNotificationState.getAlertCount('bell') }}. Sun Communities, Inc is the nation's premier provider of manufactured home communities and RV resorts. It's gotten more expensive. Additionally, we regularly evaluate our portfolio for capital recycling opportunities to enhance our long-term growth profile. 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. Required fields are marked *. 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. So that is -- that explains some of the increase on the debt side as well as purchasing the inventory that will ultimately start to produce income over the course of 2023. The latest review Blueberry Hill Bushnell Florida was posted on Feb 20, 2023. 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 It's actually one that we started on in July of the second quarter. 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. The outperformance is due to higher demand for wet slips and dry storage spaces. Sun Communities has resolved 0 complaints. Our Culture: All-Age Communities; Active 55+ Communities. Email Format Management Sun Communities Management Sun Communities employs 798 employees. ET. 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. She joined us in 1998 as a Director of . (business & personal). I just have a question on the service retail and dining guide. Image source: The Motley Fool. 320,000, I think, we talked about moved in there last year. Today marks a very special day, and really want to take this opportunity to thank John for his unbelievable stewardship, both as President and Chief Operating Officer since 2008, if I got that correct. The proceeds were used to repay amounts on our revolving credit facility. Yes, we are seeing positive strength there. Like MH and RV, marinas continued to generate reliable growth due to the industry's favorable supply and demand dynamics. As the Chairman of the Board of Sun Communities, the total compensation of Gary Shiffman at Sun Communities is $7,969,260. SUI earnings call for the period ending June 30, 2021. 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. And then -- thank you for that. 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. Our next question is from the line of Josh Dennerlein with Bank of America. We negotiate as a package. The waitlist, we're now -- we now have a waitlist at 91% of our marinas. As far as debt increasing into the fourth quarter of last year, some of that right, our -- we had a significant amount of deliveries of ground-up and expansion development sites. SUN COMMUNITIES, INC. is an Arizona Business filed on October 7, 1997. Steve, I can share with you, as of this point, and I'll let John go more into specific sales. As I assume my new responsibilities focusing on our MH development efforts, I look forward to supporting Bruce and the entire team. This does conclude the company's remarks. On a run rate trailing 12-month basis, our net debt-to-EBITDA ratio was 5.8 times. How construction costs changed on those? One last one from me. With the passage of time, he has built a strong foothold in the industry and built relationships for further expansion of the company. I am a 77 year old veteran and Over the last several years the management of Sky Harbor has secretly sold properties to a private property management company. And then, about 20%, 25% of it is, right, we -- is the FX on the debt amount. Gary Shiffman Chairman & Chief Executive Officer Sun Communities, Inc. Gary A. Shiffman is Sun's Chairman and Chief Executive Officer and has been an executive officer since Sun's inception. Search Search. 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. There are 4 older and 13 younger executives at Sun Communities. On average, Gary trades about 19,735 units every 69 days since 2003. 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. 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. 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. So, paying down variable debt is probably something that allows us greater opportunity to create growth in the future or if there's something very accretive, we would look at that as well. Executive Summary. Thank you, everybody. No. In 2023, we expect total Same Property NOI across manufactured housing, RV and marinas to increase between 4.9% and 5.9%. 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. The acquired land can support over 2,500 future MH and RV sites. And they look at the claims that they've paid out versus the premiums they've taken in. 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. Thank you. Reason #1 to Attend: Learn. To find out more about what we have to offer, visit a community near you or contact us. We have about $117 million, $118 million coming due in the second half of the year and are being programmatic about locking in that cost today, as we've done over the course of the last couple of years. Is this your company? And more so a question on how we should think about modeling this line item going forward. Search over 700 New home sales are up. Thank you. How much is the insurance as a percentage of operating percentage? 4.9% growth in revenues reflected a 5% increase in weighted average monthly rent and a 180-basis point occupancy gain. And while these aren't loss leaders, we are passing off gas, fuel at our cost to attract members. 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. So, it's more back to normal, I think. I think it reflects our strategic plan with management. Hey, Josh, it's Gary. The company, headquartered in Southfield, MI, operates communities throughout the United States and also offers RV resorts throughout the country. Identity theft? Sun Communities CEO Gary Shiffman believes that clients and employees are the greatest assets of a company. Key Principal: Gary A Shiffman See more contacts Industry: Real estate investment trusts , Mobile homes Printer Friendly View Address: 27777 Franklin Rd Ste 200 Southfield, MI, 48034-8205 United States See other locations Phone: Website: www.suncommunities.com Employees (this site): Modelled Employees (all sites): Actual Revenue: $2.27 billion So, our expectation is that we can't pass-through the expenses. Lorem ipsum dolor sit, amet consectetur adipisicing elit. 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. Our Communities. 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? 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. I don't have that broken out here in front of me. Claim it and get a lot of features. Career & Education - Company, University, & College Gary attended Michigan State University. Sun Communities, a real estate investment trust based in Southfield, Michigan, announced the purchase of 104 marinas in 22 states including 18 marinas across Connecticut and Rhode Island in a deal valued at $2.1 billion in cash and stock. The company undertakes no obligation to advise or update any forward-looking statements to reflect events or circumstances after the date of this release. You might contact Gary A Shiffman via mailing address: 27777 Franklin Road, Ste 200, Southfield Mi 48034. Reason #2 to Attend: Network. I mean with respect to U.K. home sales, I mean, our team over there sold over 2,900 houses in 2022, which is a 23% increase year-over-year. And as we've talked about before, our business is really about reliable growth because of the strong demand and short supply. Sun Communities deals in the Real estate investment trust industry According to the latest report, Sun Communities has generated US$1.264 billion (2019) and net income being US$0.160 billion (2019). Elevate! Average price was about $196,000. 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%. 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. You will network with leading professionals from around the country and bring back best practices to your workplace. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. Great. 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. Up to 5 Search over 700 And we expect about 60% of these revenue-producing sites to come from RV transient site conversions to annual leases. 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. {{ userNotificationState.getAlertCount('bell') }}. It tracks over a 30-year period of time that will go up and down a little bit, so we don't see that as anything negative whatsoever. 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, we don't currently see those type of headwinds that you're suggesting in the marina business. No credit card required. No credit card required. 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 Gary A. Shiffman; CEO, President & Chairman; Sun Communities, Inc. John Bandini McLaren; EVP; Sun Communities, Inc. Anthony Franklin Powell; Research Analyst; Barclays Bank PLC,. Our next question is from the line of Wes Golladay with Baird. As we look ahead to 2023, we once again expect to deliver a year of solid Same Property growth. 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. 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. Musks TeslaMaster Plan Lacks Drive. Next, we'll consider growth that. So, we're not losing money or subsidizing anything. 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. Please go ahead. We feel it's definitely recoverable. Email Formats. It reflects the environment for insurance at this point in time. 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 U.K. market for holiday parks remains highly fragmented. During 2022, we delivered 2,000 new expansion and greenfield development sites in North America, which was at the high end of our guidance. And in his stewardship and direction over there, we believe we will derive great benefit for our shareholders as we go forward in an area that really differentiates us from all others in our asset class. We're not going to reflect that different than our competitors and other asset classes. Your email address will not be published. Sun Communities, Inc. (NYSE:SUI) Q4 2022 Earnings Conference Call February 23, 2023 11:00 AM ET, Gary Shiffman - Chairman, President and Chief Executive Officer, Fernando Castro-Caratini - Chief Financial Officer. 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. Our next question is from the line of Keegan Carl with Wolfe Research. Join to view profile . Yes. 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. We are nearly 95% booked, which is better than we were at this time last year for Q1. Obviously, floating-rate debts caught a lot of people maybe not by surprise, but certainly been more powerful and had a bigger negative impact. We have begun to see it decline. Sun Communities corporate office is located in 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States and has 1,963 employees. 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. 4.0 . Maybe a follow-up on that in terms of the development sites. His association with Sun Communities goes back to its inception. Sun Communities is a publicly traded real estate investment trust that invests in manufactured housing communities, recreational vehicle resorts, and marinas. 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 . Enter employee name to find & verify emails, phones, social links, etc. For more than 15 years we have helped nearly 50000 customers resolve their issues and will never stop striving to ensure further improvements on our platform for a better communication between companies and customers. Sun recently set a target to achieve carbon neutrality by 2035 and net-zero emissions by 2045. 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. With respect to ESG, we continually identify ways that we can enhance our corporate citizenship. The company's principal address is . And I think our strategy has really stood the test of time. So yes, that does factor into our toolbox. We're looking to build our new developments to a high single-digit unlevered IRR upon stabilization. SUN COMMUNITIES INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. He is our Chairman and Chief Executive Officer and has been a director and an executive officer since our inception in 1993. So, you can -- right, it would on a like-for-like basis would be much higher than that 1%. 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. Name . Hi, Michael. . Included in our revenue-producing site gains were over 2,250 transient RV annual lease conversions this year, a new record for Sun. 1993: The firm goes public as Sun Communities Inc. 1994: Sun has the best-performing stock among manufactured housing . We look forward to our next call and certainly invite anyone to reach out to Fernando and his team with any follow-up questions. 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. Gary A. Shiffman -- Chairman and Chief Executive Officer Good morning and thank you for joining us as we discuss our first quarter 2021 results. Included in this expected expense growth is an approximately $18 million increase in property-related insurance costs. Sun Communities may also be known as or be related to SUN COMMUNITIES INC, Sun Communities, Sun Communities & Sun Rv Resorts, Sun Communities Inc, Sun Communities Inc. and Sun Communities, Inc. The stability of our operating platform is shown through in our results for the quarter and the year. 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. Gary Shiffman . 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. Reflected by the fact that we now have a question gary shiffman sun communities email address how we should think about reducing that debt! Net debt-to-EBITDA ratio was 5.8 times foothold in the edgar filing system review Blueberry Hill Bushnell Florida posted! Specific sales in this expected expense growth is an Arizona Business filed on October 7,.. I just have a waiting list in 80 % of it is, right, it looked like and. Over to John and Fernando to speak to our next question is from line! 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