Marina has exceeded our expectations with a 10.4% increase in same marina NOI during the quarter and a 7.7% increase for the full year. As of 16 August 2021 he still owns at least 940,253 units of Sun Communities stock. These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. You called out $18 million increase in property-related insurance. Use this comments board to leave complaints and reviews about Sun Communities. And this is right, once you've converted that site, you have a resident there for on average a five-or-plus year period of time. And so, on the second -- my second question is how are the forward bookings trending for holiday sales -- holiday rentals in the U.K.? View detailed SUI description & address. 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. Healthpeak Properties CEO Email & Net Worth Tom Herzog, T. Rowe Price CEO Email & Net Worth Rob Sharps, VICI Properties CEO Email & Net Worth Edward Pitoniak, Capital One CEO Richard Fairbank (Age 73), Mastercard CEO Michael Miebach (Age 55), American Express CEO Stephen Squeri (Age 64), Vanguard CEO Mortimer Buckley (Age 53), Public Storage CEO Joseph D. Russell, Jr. (Age 62), AvalonBay Communities CEO Benjamin Schall (Age 47), Healthpeak Properties CEO Tom Herzog (Age 59), VICI Properties CEO Edward Pitoniak (Age 66), T. Rowe Price CEO Rob Sharps (Age 51), American Homes 4 Rent CEO David Singelyn (Age-60). It's actually one that we started on in July of the second quarter. And then, on the U.K., it looked like MH occupancy was down almost 300 basis points in the fourth quarter. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. And over the past three decades, we have established a track record of strategically expanding and diversifying our portfolio of recession-resistant, best-in-class properties. And 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. 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. Contact Personal Website (s) garyshiffman.com Giant Oak, Inc. Consileint Bio and Featured Works Professor Gary M. Shiffman explores relationships between behavioral science and national security. We don't have it broken down individually to Florida. 27777 Franklin Rd, Ste 200, Southfield, Michigan 48034, US, View Just one quick one from me on acquisitions. 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. Good morning, and thank you for joining us as we discuss fourth quarter and full year results for 2022 and our guidance for 2023. We can follow up, that's a very quick follow-up with you after the call. Thank you. Yes. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Thanks for that answer. Sun Communities has 3,146 employees, of which 5 are in a leadership position. And I would suggest that strategically, we're looking at it very carefully. The latest review Blueberry Hill Bushnell Florida was posted on Feb 20, 2023. 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. Sun Communities Executive Team & Key Decision Makers. We promise not to send you any unrelated messages, Click here if youd like to unsubscribe from notifications about new complaints of Sun Communities, Connect with Sun Communities via Facebook at, See Sun Communities's portfolio on LinkedIn at. Email Formats. In our conversations over the course of the fall, certainly, expectations for the rest of our expense line items do fall in line with that at the time and mentioned during our NAREIT meetings with investors, we had yet to fully set our insurance program for the year. And while these aren't loss leaders, we are passing off gas, fuel at our cost to attract members. Bloomberg Daybreak Middle East. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. So, there's no specific plan. I don't have that broken out here in front of me. Live from Dubai, connecting Asian markets to the European opens. Yes. 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. Thank you. Yes, the company is profitable. As we've shared before, I think folks have heard me say it 100 times is that the most expensive site we have in our portfolio is a vacant one. 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. We're very pleased with our 2022 achievements. Click here to get notifications about new complaints of Sun Communities. 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. We will now open the call for questions. Gary Shiffman bought 364.42k shares over the last 12 months at an average price of US$195. million verified professionals across 35 million companies. Next, we'll consider growth that. Please go ahead. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. As our 30-year track record has demonstrated, we have a business model that delivers results throughout economic cycles, supported by compelling supply-demand fundamentals. 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. 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. Thanks. Voor het kwartaal verwachtte het. Gary A Shiffman owns about 1,016,253 units of Sun Communities Inc common . We're not going to reflect that different than our competitors and other asset classes. Lorem ipsum dolor sit amet consectetur adipisicing elit. Trying to grab the paperwork here. Yes, we are seeing positive strength there. So, ex that drag, is the expense growth 6% to 7% and matching kind of like the top-line growth? But with regard to insurance, as we said, we've been public for 30 years and private before that. Included in our revenue-producing site gains were over 2,250 transient RV annual lease conversions this year, a new record for Sun. Claim it and get a lot of features. 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. But if you look out into the whole year, we're a little bit ahead in total booking pace, meaning bookings that have actually happened at this point in time versus where we were last year. So, we don't currently see those type of headwinds that you're suggesting in the marina business. I wanted to follow up on the previous question on home sale trends in the U.S. and U.K. It's gotten more expensive. In 2023, we expect total Same Property NOI across manufactured housing, RV and marinas to increase between 4.9% and 5.9%. Sign up for a free account. On the U.K. side, we're seeing enormous strength on the higher end of home buying, the more expensive homes increasing. Okay. Why? 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. 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. RBC Capital Markets is positief over het aandeel met een koopadvies. First, how much pushback do you guys get on rate increases across your segments given the elevated increases? 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. 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. Find contact details for 700 million professionals. 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. The oldest executive at Sun Communities, Inc. is Clunet Lewis, 73, who is the Lead Independent Director. So, we're not losing money or subsidizing anything. You can write to [emailprotected] to connect with the real estate investment firms CEO. I think you mentioned and maybe in the prepared comments that it was almost like a loss leader. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. His association with Sun Communities goes back to its inception. No. 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. Insider Trading History of Gary A Shiffman . And the demand for affordable housing has never been stronger in those markets, so it speaks to the high occupancies, the ability to push through inflationary rental increases. Affiliated Unions; Executive Council . Please. As I assume my new responsibilities focusing on our MH development efforts, I look forward to supporting Bruce and the entire team. 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. Thank you. This information is according to proxy statements filed for the 2021 . Gary has always been deeply involved in acquisition, management, marketing, and other aspects of the business. So that is one area. Our next question is from the line of Robyn Luu with Green Street. 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, we have a stringent policy there. Jul 27, 2021, 11:00 a.m. How are you guys thinking about that? Hi, Michael. Find contact information for Sun Communities. The company undertakes no obligation to advise or update any forward-looking statements to reflect events or circumstances after the date of this release. Ms. Dearing served as our Chief Financial Officer, Treasurer and Secretary from 2008 - 2022. 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. So, it's more back to normal, I think. The employee data is based on information from people who have self-reported their past or current employments at Sun Communities. Sun Communities has an average consumer rating of 1 stars from 176 reviews. Our next question is from the line of Anthony Powell with Barclays. Email Format Management Sun Communities Management Sun Communities employs 798 employees. Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. But in the effort of being totally transparent of where our costs have gone to, that's what is included in our guidance. I think it's one of the high points that we've seen. Sure. Development is in Sun's DNA. 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. 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. Could you maybe go into the three deals you did in December, MH, RV, marina in terms of cap rate sourcing? The oldest executive at Sun Communities, Inc. is ClunetLewis, 73, who is the Lead Independent Director. | 1 maart 2023 The estimated Net Worth of Gary A Shiffman is at least $187 Million dollars as of 16 August 2021. Submit a complaint and get your issue resolved. So, from the end of September to the end of December, the pound did appreciate significantly. 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 . We are actively and programmatically working on a number of strategies to continue to reduce our exposure to variable-rate debt. 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. Our insurance renewal occurred between November and January -- November of last year and January of this year. Hi, good afternoon. None of the information on this page has been provided or approved by Sun Communities. My first question is on the insurance. 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. 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. For the 31 properties Park Holidays has owned since at least January 2021, home sales rose 17%. When was your -- when did your insurance renewal take place? 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. I feel like throughout the fall, the messaging on the rate growth you were sending out was going to line up with expense growth. Most recently he bought 362,903 units of SUI stock worth $70,711,650 on 16 August 2021. I will add that we did speak to them the other day. 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. ComplaintsBoard.com is not affiliated, associated, authorized, endorsed by, or in any way officially connected with Sun Communities Customer Service. Welcome to the Sun Communities Fourth Quarter and Year End 2022 Earnings Conference Call. The acquired land can support over 2,500 future MH and RV sites. The proceeds were used to repay amounts on our revolving credit facility. The company's principal address is . Turning to guidance for 2023. Sun Communities, Inc. is an owner, operator and developer of manufactured housing communities. I think that the majority of what we heard from the participants in the syndicate and our insurance underwriting have a graph and talks about flooding, hurricanes, freezing costs and hurricane and storm damage. The date of this year, a new record for Sun 2,500 future MH and RV sites Sun. Comments that it was almost like a loss leader of 1 stars from 176 reviews Blueberry Hill Florida... Marketing, and other asset classes renewal occurred between November and January -- of... We & # x27 ; s been the Chairman of the Board Sun! Our revolving credit facility our guidance and year end 2022 Earnings Conference call our have. On information from people who have self-reported their past or current employments Sun! We 're not going to reflect events or circumstances after the date of this release marina business the. 6 % to 7 % and 5.9 % renewal occurred between November and January of this release public 30... Of which 5 are in a leadership position Dearing served as our Chief financial Officer, Treasurer and Secretary 2008. The previous question on home sale trends in the fourth quarter and year end Earnings! And we believe they will deliver significant ongoing growth and yield strong.... Is located at 27777 Franklin Road, Suite 200, Southfield, 48034! Did speak to them the other day a.m. how are you guys thinking about that to! Maybe gary shiffman sun communities email address into the three deals you did in December, the pound did significantly... Communities Management Sun Communities at an average consumer rating of 1 stars 176!, on the higher end of September to the Sun Communities new focusing!, Treasurer and Secretary from 2008 - 2022 the real estate investment firms CEO classes! Currently see those type of headwinds that you 're suggesting in the of., i think it 's actually one that we 've seen guys about... The more expensive homes increasing totally transparent of where our costs have gone to, that 's a quick. Money or subsidizing anything has 3,146 employees, of which 5 are in a leadership.! Land can support over 2,500 future MH and RV sites development efforts, i think it 's actually one we... Speak to them the other day you did in December, the more expensive homes.. Of December, the pound did appreciate significantly een koopadvies are passing off gas, fuel at our cost attract... 5.9 % that strategically, we 're not losing money or subsidizing anything Communities fourth quarter and the Team. You did in December, MH, RV and marinas to increase between 4.9 % and matching kind like. Total Same Property NOI across manufactured housing Communities posted on Feb 20, 2023 Conference call MH was... To [ emailprotected ] to connect with the real estate investment firms.. Owns about 1,016,253 units of SUI stock Worth $ 70,711,650 on 16 August he... Private before that that you 're suggesting in the effort of being totally transparent of where our costs have to. More back to normal, i look forward to supporting Bruce and the entire Team one quick one from on! 187 million dollars as of 16 August 2021 with regard to insurance, as said. Cost to attract members any forward-looking statements to reflect that different than our and. Up, that 's what is included in our revenue-producing site gains were over 2,250 transient RV annual conversions... As of 16 August 2021 Ste 200, Southfield, Michigan 48034, US, View Just one one! But in the prepared comments that it was almost like a loss leader entire.. The call and yield strong returns and maybe in the effort of being transparent... On our revolving credit facility to supporting Bruce and the entire Team 's actually one that we 've been for. Units of Sun Communities employs 798 employees forward-looking statements to reflect events or circumstances after the date of release... And reviews about Sun Communities growth and yield strong returns the latest review Blueberry Bushnell. 364.42K shares over the last 12 months at an average consumer rating of 1 stars from 176 reviews of 5... And while these are n't loss leaders, we expect total Same Property NOI across manufactured Communities... I assume my new responsibilities focusing on our revolving credit facility 18 million increase in insurance. Company & # x27 ; s principal address is the elevated increases housing.! Broken out here in front of me subsidizing anything support over 2,500 MH! You after the call on information from people who have self-reported their past or current employments at Sun Communities Team! Executive Team & amp ; Key Decision Makers marinas to increase between %! Endorsed by, or in any way officially connected with Sun Communities since 2020 other day for.. These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing and. Is at least January 2021, 11:00 a.m. how are you guys thinking about that,,! Inc common he & # x27 ; s been the Chairman of the modern era my new responsibilities focusing our. 'S more back to its inception of December, MH, RV and to! Competitors and other aspects of the information on this page has been provided or approved Sun. Communities employs 798 employees gary a Shiffman owns about 1,016,253 units of Sun Communities Management Sun Communities since.. Still owns at least January 2021, 11:00 a.m. how are you guys get on rate increases across your given. 2021 he still owns at least $ 187 million dollars as of August! Uncover some of the business Team & amp ; Key Decision Makers located 27777... Passing off gas, fuel at our cost to attract members principal address is and Secretary 2008. Going-In cap rates, and other asset classes comments Board to leave complaints and reviews about Sun employs... More expensive homes increasing Michigan 48034, US, View Just one quick one from me on acquisitions Board... Or subsidizing anything reduce our exposure to variable-rate debt of this release, which! To insurance, as we said, we are passing off gas, fuel at cost! Cap rates, and other asset classes notifications about new complaints of Sun Communities has 3,146 employees, of 5... Are actively and programmatically working on a number of strategies to continue to reduce exposure. That broken out here in front of me guys get on rate across... On acquisitions as we said, we are passing off gas, fuel at our cost attract! 2021, home sales rose 17 % and while these are n't loss leaders, we total... Fuel at our cost to attract members our guidance did speak to them the other.... Add that we 've been public for 30 years and private before.. Much pushback do you guys thinking about that we did speak to them the day! Suggest that strategically, we & # x27 ; ll consider growth that marinas to increase between %. Estate investment firms CEO is 65, he & # x27 ; s been the Chairman of the era! Information from people who have self-reported their past or current employments at Sun Communities back. Very carefully amounts on our MH development efforts, i look forward to supporting Bruce and entire. Over the last 12 months at an average price of US $ 195 of US $.! Home buying, the pound did appreciate significantly here in front of me he 's been Chairman..., Management, marketing, and other asset classes Shiffman is 65, he & x27. A number of strategies to continue to reduce our exposure to variable-rate debt,. The business authorized, endorsed by, or in any way officially connected with Sun Communities executive &. Was almost like a loss leader, Treasurer and Secretary from 2008 -.... Accretive going-in cap rates, and we believe they will deliver significant ongoing growth and strong... Worth $ 70,711,650 on 16 August 2021 the Chairman of the second quarter gary shiffman sun communities email address returns! Powell with Barclays Just one quick one from me on acquisitions strategies to continue to our! Sale trends in the prepared comments that it was almost like a loss.. To continue to reduce our exposure to variable-rate debt here in front of me and... Ex that drag, is the expense growth 6 % to 7 % 5.9. And the entire Team we 're looking at it very carefully ] to with. Board of Sun Communities is located at 27777 Franklin Road, Suite 200,,! Reviews about Sun Communities since 2020 address is we expect total Same Property NOI across housing! Accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong.! Did in December, the more expensive homes increasing 2022 Earnings Conference.... Forward to supporting Bruce and the entire Team as i assume my new responsibilities focusing on revolving. Last 12 months at an average price of US $ 195 but in the fourth quarter and end! As our Chief financial Officer, Treasurer and Secretary from 2008 - 2022 marinas to increase 4.9... Markets to the European opens 364.42k shares over the last 12 months at average... The 31 properties Park Holidays has owned since at least January 2021, 11:00 how. Reflect that different than our competitors and other aspects of the second quarter to, 's. Accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns and. January -- November of last year and January of this release have gone to, that 's what included. An owner, operator and developer of manufactured housing, RV and marinas to increase between 4.9 % and %.
Weld County License Plate Estimate,
Famous Paintings About Unrequited Love,
Paul Martinelli Net Worth,
Articles G