The resilience of our platform can be seen in our full year total manufactured housing, RV and marina Same Property NOI results, which grew by 5.8% over 2021. Please go ahead. 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. Live from Dubai, connecting Asian markets to the European opens. 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. He is a member of our Executive Committee. Email Formats. Purchase/Sale: Shares: Price $ Amount $ D/I: 01 Mar 2023 10:54: SUI: SUN COMMUNITIES INC : LEWIS CLUNET R Our next question is from the line of John Kim with BMO Capital Markets. They definitely came in looking pretty strong, so just a few questions. My first question is on the insurance. We were expecting about a 90-basis point increase year-over-year in revenue from transient RV. 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. 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. At our RV communities, we set another annual record for site conversions to annual leases. 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. It's actually one that we started on in July of the second quarter. (248) 208-2500 Phone (HQ) @suncommunities.com Email @gmail.com Email 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States Office Address (HQ) Reveal for Free Work Biography for Gary Shiffman, Sun Communities All-Age Communities; Active 55+ Communities. Good morning, everyone. That is an increase of about 300 basis points over 2022. 176 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 owns over 362,903 units of Sun Communities stock worth over $136,515,333 and over the last 19 years he sold SUI stock worth over $42,994,704. None of the information on this page has been provided or approved by Sun Communities. 1985: The company incorporates in order to expand further. The company's principal address is . Yes. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. Elevate! 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. 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 But it's a big advantage to paying the profits that other boat owners would have to pay elsewhere. 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. 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. 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 . 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. 1975: Milton M. Shiffman begins acquiring manufactured housing communities. 35 Ratings. There are 4 older and 13 younger executives at Sun Communities. I think I'd remind everybody, we're going back to more of a pre-COVID normal pattern. New home sales are up. Legal taxes and insurance of our Same Property portfolio represent -- are expected to represent about 10% this year. Claim it and get a lot of features. We've discussed the fact that cost of capital is such that we have sharpened our pencil razor thin. There are 4 older and 13 younger executives at Sun Communities. Based on our data team's research, Gary Shiffman is the Sun Communities's CEO. 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%. Our next question is from the line of Josh Dennerlein with Bank of America. So, there's no specific plan. 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. Obviously, floating-rate debts caught a lot of people maybe not by surprise, but certainly been more powerful and had a bigger negative impact. So strategically, we do have to think about the cost return proposition in that state as we do everywhere. 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. . We have inventory of over 16,000 fully-entitled sites for development and delivery in future years, representing embedded continued growth. 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? 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 competes in Real estate investment trust industry. To find out more about what we have to offer, visit a community near you or contact us. So that is one area. ComplaintsBoard.com is a leading complaint resolution website on the Internet. Job well done. We're very pleased with our 2022 achievements. Our next question is from the line of Wes Golladay with Baird. In addition, he makes $7,969,260 as Chairman of the Board at Sun Communities. 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. 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. Gary Shiffman and the Sun Communities leadership team are scored a C by 31 employees placing it in the Bottom 40% of companies sized 1,001-5,000 Employees on Comparably. Jul 27, 2021, 11:00 a.m. Like MH and RV, marinas continued to generate reliable growth due to the industry's favorable supply and demand dynamics. I just want to make sure I'm looking at it correctly. Enter employee name to find & verify emails, phones, social links, etc. So, the 15%, just to clarify, the 15% does not reflect market prices for U.K. home sales? Most recently he bought 362,903 units of SUI stock worth $70,711,650 on 16 August 2021. Similar to last quarter, this quarter's outperformance was driven by total marina real property NOI, interest income and U.K. tax favorability. And more so a question on how we should think about modeling this line item going forward. Hi, good afternoon. When was your -- when did your insurance renewal take place? And so basically, we're just executing the plan that we set out to do. Biography of Gary Shiffman. Factors and risks that could cause actual results to differ materially from expectations are detailed in yesterday's press release and, from time to time, in the company's periodic filings with the SEC. On average, Sun Communities executives and independent directors trade stock every 50 days with the average trade being worth of $2,616,388. Gary Shiffman - Chairman and Chief Executive Officer John McLaren - President and Chief Operating Officer Karen Dearing - Executive Vice President, Chief Financial Officer, Treasurer and. Ms. Dearing has served as our Executive Vice President, Special Projects since May 2022 overseeing the integration of our UK Investments, as well as advising on other strategic initiatives. I'll address the marine part, and you can talk about the rest of the portfolio, John. 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. 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? And then second part, I did see a termination income. Is this happening to you frequently? 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. Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? And as we've shared, again, that today, one of the areas that I think differentiates Sun and gives us the greatest opportunity is the ability to create new ground-up developments and expand our manufactured housing portfolio. And a Car. Trying to grab the paperwork here. And then, how are you guys thinking about the kind of payback as you kind of increase rate on the annual side? Could you maybe go into the three deals you did in December, MH, RV, marina in terms of cap rate sourcing? Sign-In-To-Your-Account. 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. This year there were 200 companies that made the list . He regularly serves as a panel member and keynote speaker on topics relating to financial security, human behavior, artificial intelligence, machine learning, and big data, among others. 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. One of the key factors of our business that we are able to pass on, expenses in the form of rental increases. 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. (Podcast), Chairman/President/CEO, Sun Communities Inc. 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. Our next question is from the line of Steve Sakwa with Evercore ISI. Find contact information for Sun Communities. Since we achieved an investment-grade rating in 2021, we have now issued $2.2 billion of unsecured fixed-rate notes across four tranches. 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. We're looking to build our new developments to a high single-digit unlevered IRR upon stabilization. Like, obviously, like insurance jumped up a lot this year outside of your control a little bit. NYSE: SUI. John, these financings as far as on the secured side take up some time to work through. So, ex that drag, is the expense growth 6% to 7% and matching kind of like the top-line growth? Please. Gary A. Shiffman is SunsChairman and Chief Executive Officer and has been an executive officer since Sunsinception. We have two property management companies competing in one community. As we look ahead to 2023, we once again expect to deliver a year of solid Same Property growth. 1993: The firm goes public as Sun Communities Inc. 1994: Sun has the best-performing stock among manufactured housing . View more questions & answers Overview of Sun Communities complaint handling This is less of a Sun issue, an asset class issue or anything like that. Sure. Competitors. I think that we don't typically provide guidance towards acquisitions and, of course, capital marketplace activities. 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 Last updated: 27 February 2023 at 4:00pm EST. 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. No credit card required. We anticipate investing roughly $200 million in our ground-up development and expansion activity. 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. Thank you. Yes, thanks, good morning. And then, my second question is just on the flow-through of the NOI growth. To help find his footing, Suh turned to another local mentor: Gary Shiffman, the founder and CEO of Sun Communities, a REIT based near Detroit. Please disable your ad-blocker and refresh. 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? Career & Education - Company, University, & College Gary attended Michigan State University. 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. You may now disconnect your lines. We have been having trouble with bear at night, and we have been locked from the garbage bins and the gate we cant empty our garbage its going to be locked for four days for the holidays my husband picks up the garbage that the bear strolls out in the area, it takes him 2 minutes to pick it up we get a call Share your photos and videos with others to prove the truth of your words. We never had a stronger balance sheet, but we're very, very focused on bringing value and growth opportunity to our shareholders. Caucasian employees are most confident in their Executive Team. How much is your increase in insurance due to your exposure to Florida? Garry Shiffman, age 67, helped his father Milton M. Shiffman, who was a medical practitioner, built Sun Communities. Thank you, everybody. I know the marinas [under the] (ph) safe harbor. 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. Thanks for that answer. How are you guys thinking about that? Safe Harbor owns and operates 101 marinas in the U.S. with a network of nearly 40,000-member boat owners in 22 states. We are also establishing guidance for first quarter 2023 core FFO per share in the range of $1.15 to $1.20. Finally, I want to express my gratitude to the entire Sun team for the privilege to serve as our President for the past eight years and as Chief Operating Officer since 2008.
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