Hi, good morning. 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. Sun recently set a target to achieve carbon neutrality by 2035 and net-zero emissions by 2045. Or are you perhaps pushing discounts to get the volume? 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. ComplaintsBoard.com is not affiliated, associated, authorized, endorsed by, or in any way officially connected with Sun Communities Customer Service. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. So, we're not running to shed assets, but we are reviewing them very, very carefully as to growth. 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. But that being said, we can't underscore the fact that with this increased cost, as Fernando mentioned of $18 million, we're still seeing at Same Property growth of 5.4% at the midpoint. SUN COMMUNITIES, INC. is an Arizona Business filed on October 7, 1997. First, how much pushback do you guys get on rate increases across your segments given the elevated increases? Regarding average rental rate increases, we reiterate the guidance ranges provided back in October. Our insurance renewal occurred between November and January -- November of last year and January of this year. 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. Get contact details including emails and phone numbers 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. SUN COMMUNITIES INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Explore this wiki for details such as Sun Communities CEO email, Gary Shiffman net worth, and Sun Communities net worth. Thank you, everybody. Jeff's experience and leadership will be a tremendous addition to our team. 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. Eventually, he took over the reins from his father to head the company. That 90% is ahead of the same time last year and the previous years. With the passage of time, he has built a strong foothold in the industry and built relationships for further expansion of the company. Sep 30, 2020. Your email address will not be published. Okay. The Last 12 Months Of Insider Transactions At Sun Communities. Up to 5 We are also establishing guidance for first quarter 2023 core FFO per share in the range of $1.15 to $1.20. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. 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. 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. 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 . Got it. 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. During 2022, we delivered 2,000 new expansion and greenfield development sites in North America, which was at the high end of our guidance. No credit card required. How much is the insurance as a percentage of operating percentage? So really, in summary, our strategy is well balanced, we believe, across all stakeholders, including our residents that live in well-maintained communities and create value in their homes. Why? 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? Good luck this year. And the fact that they're direct selling their homes, so there's no interruption in rent to us, but we're not able to buy the inventory to flip into the used homes as we have been. Search over 700 He is a member of our Executive Committee. Gary A. Shiffman; CEO, President & Chairman; Sun Communities, Inc. John Bandini McLaren; EVP; Sun Communities, Inc. Anthony Franklin Powell; Research Analyst; Barclays Bank PLC,. No materials from this website may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way. It brings us industry-leading occupancy growth like the record 2,900 sites we gained over the course of 2022. With respect to ESG, we continually identify ways that we can enhance our corporate citizenship. The outperformance is due to higher demand for wet slips and dry storage spaces. 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. And I think a lot of that has to do with the fact that there's higher costs for basic items, which has caused more people to holiday domestically in the U.K. rather than go to Europe. Hey, guys. Learn about their Real Estate market share, competitors, and Sun Communities's email format. We anticipate investing roughly $200 million in our ground-up development and expansion activity. I think you mentioned and maybe in the prepared comments that it was almost like a loss leader. Same is true in the RV for vacationing. Faqs. Sun Communities CEO Gary Shiffman believes that clients and employees are the greatest assets of a company. What Unions Do; Form a Union; What We Care About; Take Action; Gary Shiffman. So, we're running a little bit ahead. To find out more about what we have to offer, visit a community near you or contact us. 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. (business & personal). And second, specifically on marinas, how much longer do you think you can push at an elevated level? The CEO of Sun Communities is Gary Shiffman. Included in our revenue-producing site gains were over 2,250 transient RV annual lease conversions this year, a new record for Sun. I think from the booking pace perspective, right now, we are trending just a little bit ahead of last year, which is great. Biography of Gary Shiffman. 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. Is that seasonal? Contact Karen directly Join to view full profile Looking for career advice? We expect total real property NOI to increase between 4.5% and 5.7% during 2023 due to strong resident, guest and member demand at our properties. Got it. Sign up for a free account. 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. But certainly, looking to actively manage our exposure to floating-rate debt. We relocated as many people as possible to other properties, including our team members in the area. Reason #1 to Attend: Learn. Comment * 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. View more questions & answers Overview of Sun Communities complaint handling Together, the two parks one in Jurupa Valley and another in Banning, accordingContinue reading 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. I know the marinas [under the] (ph) safe harbor. free lookups / month. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. | 27 februari 2023 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. 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You may now disconnect your lines. And certainly, in the U.K. as the second vacation home, an alternative to more expensive vacationing in the U.K. Got it. So, our expectation is that we will pass-through these costs through rental increases as we go forward because they're part of our operating business. Every home they own was meant for demolition. Good morning, ladies and gentlemen, and thank you for standing by. With Shiffman's guidance, he began building. 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. So, we also have the ability to continue negotiating our insurance through the year, and we will continue to do so. In addition, he makes $7,969,260 as Chairman of the Board at Sun Communities. For the year, Sun reported core FFO per diluted share of $7.35, a 12.9% increase from 2021. And then -- thank you for that. Within our MH and RV portfolio, we gained over 2,900 revenue-producing sites for the year. Those would be the primary reasons from that perspective. The CEO of Sun Communities, Inc. ( NYSE:SUI) is Gary Shiffman. We're fortunate that the higher income earners in the U.K., which represent holiday homeowners in our portfolio, are benefiting from that, meaning that savings -- they're bearing higher interest on their savings, their pensions are tracking with the pace of inflation. Welcome to the Sun Communities Fourth Quarter and Year End 2022 Earnings Conference Call. free lookups / month. Hey, guys. 55+ Home Options; 55+ Lifestyle; 55+ Signature Communities; 55+ Signature Florida Communities; Rent a Home; Relocate a Home; Referral Program; RV Communities; About Us; Join Our Team; Investors; Acquisitions; Sun Unity; Digital Accessibility; Customer Login Offer, visit a community near you or contact us, 1997 the elevated?! 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