We don't have it broken down individually to Florida. SUN COMMUNITIES INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. 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. GARY A. SHIFFMAN, agent; GARY SHIFFMAN, director; JOHN B MCLAREN, president; KAREN J DEARING, treasurer; KAREN J DEARING, secretary 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. What industry does Sun Communities compete in? And we will closely evaluate and continue to evaluate our exposure that is impacted by insurance as we go forward. Hi, good afternoon. Obviously, floating-rate debts caught a lot of people maybe not by surprise, but certainly been more powerful and had a bigger negative impact. Our next question is from the line of Anthony Powell with Barclays. Jul 27, 2021, 11:00 a.m. Gulf War veteran, 1990-1991 USS Blue Ridge (LCC 19), 1988-1991 USS Fife (DD 991) 1991-1992 Pentagon: Chief of Naval Operations, Surface Warfare Division, 1993 And while these aren't loss leaders, we are passing off gas, fuel at our cost to attract members. But as John mentioned or maybe I mentioned during -- in my section of the script, we are expecting another very strong year of conversions from transient sites to annual leases. Appreciate the color, Gary. Musks TeslaMaster Plan Lacks Drive. This information is according to proxy statements filed for the 2021 . 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. One is running the whole community into the ground. Importantly, we expect our G&A as a percentage of revenue to decline this year. 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. 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. New home sales are up. Subsequent to the Park Holidays transaction, we acquired 14 best-in-class holiday parks in the U.K. And then, my second question is just on the flow-through of the NOI growth. Why? People are still positive about experiencing that outdoor vacation. 35 Ratings. Today, we stand at about 16% floating-rate debt. So, as we model out going forward, our going-in rents are higher than we originally modeled them out. Yes, we are seeing positive strength there. SUN COMMUNITIES, INC. is an Arizona Business filed on October 7, 1997. Please go ahead. Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? And I guess my real question is, as I think about like a go-forward basis, is that -- is this something you'll be able to recover in the future? Trying to grab the paperwork here. Good morning. Gary A. Shiffman occupies the position of Chairman & Chief Executive Officer at Sun Communities, Inc., Chief Executive Officer & General Partner at Sun Communities Operating LP and Directorbr at Sun Home Services, Inc. (both are subsidiaries of Sun Communities, Inc.) and Chairman & Secretary at Bingham Financial Services Corp. I think you mentioned and maybe in the prepared comments that it was almost like a loss leader. Sun recently set a target to achieve carbon neutrality by 2035 and net-zero emissions by 2045. We relocated as many people as possible to other properties, including our team members in the area. SUI earnings call for the period ending June 30, 2021. I think everything is under review. No credit card required. So, home sale prices fell by 15% from last quarter in the U.K., but was flat in U.S. MH business. Sun Communities said the purchase diversifies its geographic and demographic footprint. Gary A. Shiffman occupies the position of Chairman & Chief Executive Officer at Sun Communities, Inc., Chief Executive Officer & General Partner at Sun Communities Operating LP and Directorbr at Sun Home Services, Inc. (both are subsidiaries of Sun Communities, Inc.) and Chairman & Secretary at Bingham Financial . 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. Thank you for your participation in today's conference. We negotiate as a package. 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. I'll address the marine part, and you can talk about the rest of the portfolio, John. 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. (business & personal). 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. The company's principal address is . 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. Mr Shiffman is currently Chairman and Chief Executive Officer of Sun Communities, Inc. (NYSE:SUI) Mr Shiffman has . Yes, that's a great question. And second, specifically on marinas, how much longer do you think you can push at an elevated level? And I turn to John, who's overseeing that, to talk a little bit more about the particulars of the U.K. home sales. With the passage of time, he has built a strong foothold in the industry and built relationships for further expansion of the company. 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. So, strategically, over time, we expect to more than capture that difference, certainly, on a multiple basis for the stickiness of the rental revenue versus the lower-margin business. Sep 30, 2020. As of 16 August 2021 he still owns at least 940,253 units of Sun Communities stock. 320,000, I think, we talked about moved in there last year. Because you obviously expect to compare a lot of sites, which means the comparative pool for transient is going to be much lower. I know the marinas [under the] (ph) safe harbor. With respect to ESG, we continually identify ways that we can enhance our corporate citizenship. So that is one area. (Related: T. Rowe Price CEO Email & Net Worth Rob Sharps). And going forward, we expect good solid growth this coming year. To find out more about what we have to offer, visit a community near you or contact us. Through his hard work and dedication, he has been leading the real estate market in America. Where This Score Ranks Sun Communities' CEO Rating BOTTOM 35% In the Bottom 35% of 2023 Similar Sized Companies on Comparably 2nd The fact that we're in Florida, Texas and California is by design. As everyone might recall, strategically, we are always looking to convert lower-margin business over to the stickier side of rent. I'll now turn the call over to Gary Shiffman, Chairman, President and Chief Executive Officer. We are doing work that matters - connecting customers with businesses around the world and help them resolve issues and be heard. Park Holidays' portfolio is performing above our original underwriting, and the management team has done an excellent job integrating into Sun. The chart below shows insider transactions (by companies and individuals) over the last year. Similar to last quarter, this quarter's outperformance was driven by total marina real property NOI, interest income and U.K. tax favorability. But it is interesting, as John pointed out, we've seen some higher growth on the higher end of what they referred to as the lodges. Email Format Management Sun Communities Management Sun Communities employs 798 employees. The U.K. market for holiday parks remains highly fragmented. Our strategic approach has delivered an attractive balance of a reliable organic growth and strong FFO per share increases. Our next question is from the line of Josh Dennerlein with Bank of America. We have built our culture around a simple customer service philosophy: The Golden Rule. Sun Communities is a real estate investment trust company and manufactured home communities and RV resorts provider. This year there were 200 companies that made the list . It does look like it's going down a little bit year-over-year. Get contact details including emails and phone numbers He is a member of our Executive Committee. That is on a base of approximately 7.5% to 8% fewer site nights. Your email address will not be published. Gary Shiffman . At our RV communities, we set another annual record for site conversions to annual leases. Safe Harbor Marinas CEO Baxter Underwood will continue to lead the company, which will function as a subsidiary of Sun. We and our stakeholders have benefited from the compelling supply and demand dynamics that underpin manufactured housing, RV communities and marinas. I think I'd remind everybody, we're going back to more of a pre-COVID normal pattern. 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. Next, we'll consider growth that. Our next question is from the line of Wes Golladay with Baird. Thank you. 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. 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. Our insurance renewal occurred between November and January -- November of last year and January of this year. 2023 Sun Communities, Inc. All Rights Reserved. Is this your company? Thanks. The current estimated net worth of Sun Communities Inc's Chairman, Gary A Shiffman, is estimated to be about $243.54M . We've done over $2.2 billion of IG unsecured bonds with that public market. There are 4 older and 13 younger executives at Sun Communities. The data presented on this page does not represent the view of Sun Communities and its employees or that of Zippia. But certainly, as we look out at expectations from a market perspective, there's potential for 2023 to set baseline as far as interest expense and then that either becomes neutral or a tailwind heading into future years. So really, really strong demand. 1985: The company incorporates in order to expand further. Search Search. So, should this only grow with acquisitions? Our guidance assumes we increase revenue-producing sites by 2,800 to 3,100 sites in 2023. Hi, good morning. 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 It reflects the environment for insurance at this point in time. SUN COMMUNITIES INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. | 1 maart 2023 At the midpoint, we were expecting 7.5% for this year. Thank you. 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. So, that doesn't reflect market prices to 15%? Use this comments board to leave complaints and reviews about Sun Communities. By continuing your navigation, you consent to their use. 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. So, our expectation is that we can't pass-through the expenses. . So, it's going to take a real opportunity. One of the key factors of our business that we are able to pass on, expenses in the form of rental increases. So, things are rock-solid. 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. 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. Our platform of recession-resistant, best-in-class properties is positioned to continue generating strong cash flow growth for the benefit of our stakeholders. 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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? Karen Dearing is a Board Member at AGREE REALTY CORP and Exec VP/CFO/Treasurer/Secy at SUN COMMUNITIES INC. She has worked as Senior Vice President at SUN COMMUNITIES INC, Controller at SUN COMMUNITIES INC, and Director:Finance at SUN COMMUNITIES INC. Zippia gives an in-depth look into the details of Sun Communities, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Sun Communities. I will add that we did speak to them the other day. As Chairman and Chief Executive Officer at SUN COMMUNITIES INC, Gary A. Shiffman made $13,828,288 in total compensation. 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. Gary's experience in and dedication to the advancement of behavioral science, national security, and data science make him an ideal thought partner. The latest review Blueberry Hill Bushnell Florida was posted on Feb 20, 2023. Hi, everyone. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. Our next question is from the line of Keegan Carl with Wolfe Research. Research Tools Certainly with the headwinds of interest rates today, that is one big focus, Wes. As we sharpen our pencil and assess capital and funding alternatives, growing our revenue-producing sites through expansions and ground-up developments continues to offer accretive returns. All-Age Communities; Active 55+ Communities. 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? Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. Ironically, it is Sun Communities Inc (SUI) Chairman and CEO Gary Shiffman who perhaps unwittingly exposed how a key element of the White House Resident Biden tax hikes plan benefits consolidators, that includes Shiffman's own virtue-signaling ESG embracing firm. Real estate investment trust Sun Communities said it is acquiring Safe Harbor Marinas for $2.11 billion. I think it reflects our strategic plan with management. 27777 Franklin Rd, Ste 200, Southfield, Michigan 48034, US, View Insider Trading History of Gary A Shiffman . Full year weighted average rental rates increased 5.4%, driving a 24% increase in home revenues. 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. So, from the end of September to the end of December, the pound did appreciate significantly. We prefer the stickiness of the rent over the one-time margin on the home sales. 50 followers 40 connections. million verified professionals across 35 million companies. Steve, I can share with you, as of this point, and I'll let John go more into specific sales. Or are you perhaps pushing discounts to get the volume? I don't want anyone to think of it as a loss leader, because it's not a loss leader. In U.S. MH business you consent to their use decline this year Shiffman is currently and! $ 2.11 billion of recession-resistant, best-in-class properties is positioned to continue generating cash... 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Than we originally modeled them out it is acquiring safe Harbor reports of Executive compensation and are. Of rent work that matters - connecting customers with businesses around the and... We stand at about 16 % floating-rate debt how much longer do you think you can at... You or contact us, view insider Trading History of Gary a Shiffman annual leases continuing your navigation, consent... That matters - connecting customers with businesses around the world and help them resolve and... Geographic and demographic footprint of the company & # x27 ; s call strategically, we identify... Closely evaluate and continue to lead the company, which means the comparative pool transient... Most commonly found in the form of rental increases John go more specific... Pay down variable-rate debt or to recycle or to recycle or to recycle or to or.
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