[Operator Instructions] Our first question is from the line of Michael Goldsmith with UBS. We maintain a solid relationship with our resident base, which is also our sales force. John? 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? On the U.K. side, we're seeing enormous strength on the higher end of home buying, the more expensive homes increasing. 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 . He reportedly earns 11-16 million USD in annual compensation. Name . 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. Executive Summary. The waitlist, we're now -- we now have a waitlist at 91% of our marinas. There are 4 older and 13 younger executives at Sun Communities. 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. Company profile for Sun Communities Inc. including key executives, insider trading, ownership, revenue and average growth rates. I don't have that broken out here in front of me. . I wanted to follow up on the previous question on home sale trends in the U.S. and U.K. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. He is a member of our Executive Committee. The U.K. market for holiday parks remains highly fragmented. 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. The data presented on this page does not represent the view of Sun Communities and its employees or that of Zippia. Thanks for that answer. Comment * So, you can -- right, it would on a like-for-like basis would be much higher than that 1%. I wanted to follow on Steve's question. The company invests in manufactured housing communities, recreational vehicle resorts, and marinas. And then, Josh, yes, the bulk of the SRD&E NOI year-over-year is coming from that active program on the fuel side. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Good morning, everyone. 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? 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. You may now disconnect your lines. So, ex that drag, is the expense growth 6% to 7% and matching kind of like the top-line growth? (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 We're very pleased with our 2022 achievements. Biography of Gary Shiffman. Okay. One is running the whole community into the ground. Trying to grab the paperwork here. So, as we model out going forward, our going-in rents are higher than we originally modeled them out. 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. The CEO of Sun Communities is Gary Shiffman. Our next question is from the line of Wes Golladay with Baird. Read more Brian Hermelin Board Member C Clunet Lewis As everyone might recall, strategically, we are always looking to convert lower-margin business over to the stickier side of rent. What industry does Sun Communities compete in? So, it really is the feeder, if you will. At our RV communities, we set another annual record for site conversions to annual leases. As summarized in yesterday's press release, we are establishing full year guidance for core FFO per share in the range of $7.22 to $7.42. 176 Reason #3 to Attend: Discover. Safe Harbor Marinas Acquired for $2.1 Billion. 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 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. Maybe first on same store revenue expectations for '23. No materials from this website may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way. He may not have intended to do so, but Sun Communities Chairman and CEO Gary Shiffman recently shed light on why this Biden tax plan matters to potentially millions of mobile and manufactured homeowners, regardless of their income. 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. Yes. Live from Dubai, connecting Asian markets to the European opens. Yes, that's a great question. Same is true in the RV for vacationing. 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. It is his values and ethos that helped Sun Communities to occupy a firm place among the top listed 100 workplaces for almost a decade. How construction costs changed on those? We have begun to see it decline. (Recommended: VICI Properties CEO Email & Net Worth Edward Pitoniak), Your email address will not be published. We can follow up, that's a very quick follow-up with you after the call. Is this happening to you frequently? With Shiffman's guidance, he began building. Is that a demand impact? The outperformance is due to higher demand for wet slips and dry storage spaces. We feel it's definitely recoverable. So, at $196,000 commanding average home prices that exceed virtually all competitors in our asset class, which I think illustrates the unmatched quality and the value our communities represent. So, things are rock-solid. The Sun Communities management team includes Gary Shiffman (Chief Executive Officer), Lori Rumer (Division Vice President), and Eliseo Reategui (Food and Beverage Manager) . Gary has always been deeply involved in acquisition, management, marketing, and other aspects of the business. 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. 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. Get contact details including emails and phone numbers 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? Good morning. Main Telephone (248) 208-2500 Primary Address 27777 Franklin Road Suite 200 Southfield, MI 48034 USA What are you seeing on the leading-edge demand for transient RV? Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. About Sun Communities, Inc. Sun Communities, Inc. is a REIT that, as of September 30, 2022, owned, operated, or had an interest in a portfolio of 662 developed MH, RV and Marina properties comprising over 180,500 developed sites and over 46,100 wet slips and dry storage spaces in 39 states, the United Kingdom, Canada, and Puerto Rico. NYSE: SUI. No credit card required. You can see the complete history of Mr. Shiffman stock trades at the bottom of the page. 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. As we know, that can go up and down. Or has something kind of shifted in the model a bit? | 1 maart 2023 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? With respect to ESG, we continually identify ways that we can enhance our corporate citizenship. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. Today, we stand at about 16% floating-rate debt. 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. Required fields are marked *. 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. Of the 3,100 at the high end, 60% is expected on the RV side. Claim it and get a lot of features. 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. He has overseen the acquisition, rezoning, development, expansion and marketing of numerous manufactured home communities, as well as recreational vehicle communities. And while these aren't loss leaders, we are passing off gas, fuel at our cost to attract members. Reason #1 to Attend: Learn. Mr Shiffman was appointed to the Board in December 2018. Sun Communities has 3,146 employees, of which 5 are in a leadership position. We relocated as many people as possible to other properties, including our team members in the area. Explore this wiki for details such as Sun Communities CEO email, Gary Shiffman net worth, and Sun Communities net worth. The current estimated net worth of Sun Communities Inc's Chairman, Gary A Shiffman, is estimated to be about $243.54M . And he alluded to it, the rising rates is not necessarily a surprise, especially in the last few months. Identity theft? I will add that we did speak to them the other day. Real estate investment trust Sun Communities said it is acquiring Safe Harbor Marinas for $2.11 billion. People are still positive about experiencing that outdoor vacation. Gary has made over 24 trades of the Sun Communities stock since 2003, according to the Form 4 filled with the SEC. 50 followers 40 connections. CFO at Sun Communities Southfield, Michigan, United States. Sun Communities has an average consumer rating of 1 stars from 176 reviews. Use this comments board to leave complaints and reviews about Sun Communities. Enter employee name to find & verify emails, phones, social links, etc. 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. During the year, we achieved a record of over 2,900 revenue-producing site gains, driven by more than 2,250 conversions of transient RV sites to annual leases, which topped last year's record conversions of nearly 1,700 sites and represented a 36% year-over-year increase. To find out more about what we have to offer, visit a community near you or contact us. And so, it's something that we watch and talk about very closely as we think about what increases and how we can push further on both MH and RV. With regard to external growth, since acquiring Park Holidays in April 2022, we have focused on integration as well as being very selective in our approach to acquisitions. Gary's experience in and dedication to the advancement of behavioral science, national security, and data science make him an ideal thought partner. SUN COMMUNITIES INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. So, seeing the demand, where it is now, is very encouraging for us. Is that seasonal? To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Full year weighted average rental rates increased 5.4%, driving a 24% increase in home revenues. 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? I'll address the marine part, and you can talk about the rest of the portfolio, John. So, we're going to start to see a reduction of transient, which we'll have to rethink about maybe three to five years from now as we're thinking out of how we have an inventory of transient to convert to annual, and that will be a nice problem to solve. 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. So, I would just point to the overall increase in insurance. Great. Thanks a lot for taking my question. I think from the booking pace perspective, right now, we are trending just a little bit ahead of last year, which is great. Gary Shiffman bought 364.42k shares over the last 12 months at an average price of US$195. 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. We received an approximate 50% uplift in revenue in the first full year after conversion. Gary A. Shiffman -- Chairman and Chief Executive Officer Good morning and thank you for joining us as we discuss our first quarter 2021 results. Here are last year's highest-paid CEOs of publicly-traded REITs, with all data provided by S&P Global Market Intelligence. We've discussed the fact that cost of capital is such that we have sharpened our pencil razor thin. I know the marinas [under the] (ph) safe harbor. My wife and myself are getting thrown out of this park due to an unfair prejidced manager who lets a karaoke mob run this place and she has lied to corperate people to accomplish this I have several witnesses to this and they a justin lawson and rebecca morrison did not care to talk to anyone just told us we had to leave.. Subsequent to the Park Holidays transaction, we acquired 14 best-in-class holiday parks in the U.K. And so, our expectation is a more normalized year-over-year transient growth. Career & Education - Company, University, & College Gary attended Michigan State University. Reason #2 to Attend: Network. 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. He is a member of our Executive Committee. 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. We look forward to our next call and certainly invite anyone to reach out to Fernando and his team with any follow-up questions. 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