gary shiffman sun communities email address

This concludes our prepared remarks. You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com. Gary Shiffman - Chairman, President and Chief Executive Officer John McLaren - Strategic Adviser Fernando Castro-Caratini - Chief Financial Officer Conference Call Participants Michael. So that is one area. We're not going to reflect that different than our competitors and other asset classes. Gary Shiffman . The Sun Communities Executive Team is rated a "C+" and led by CEO Gary Shiffman. Jeff's experience and leadership will be a tremendous addition to our team. Obviously, floating-rate debts caught a lot of people maybe not by surprise, but certainly been more powerful and had a bigger negative impact. How to write a complaint about Sun Communities? That being said, we firmly feel that these SRD&E activities, especially the service, is very, very important to the occupancy and to the stickiness and demand for the safe harbor marinas as compared to marinas that don't offer the service. Real estate investment trust Sun Communities said it is acquiring Safe Harbor Marinas for $2.11 billion. As there are no further questions at this time, I would like to turn the floor back over to Gary Shiffman for closing comments. 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. Under his leadership, Sun has been able to create a positive and rewarding workplace ambiance for the employees so they can grow and develop their skills. And we will closely evaluate and continue to evaluate our exposure that is impacted by insurance as we go forward. Attorney General have been notify and have no control on rent increase unless the state pass a new law to protect the seniors citizen's rights on fixed income not to become homeless. So, we don't currently see those type of headwinds that you're suggesting in the marina business. So, that doesn't reflect market prices to 15%? Is there anything impacting the guide this year from the termination of a lease? He is a member of our Executive Committee. Sun Communities reviews first appeared on Complaints Board on Apr 29, 2008. You called out $18 million increase in property-related insurance. 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. 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. Competitors. This company now owns 22 properties in Sky Harbor. Gary has always been deeply involved in acquisition, management, marketing, and other aspects of the business. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. He is our Chairman and Chief Executive Officer and has been a director and an executive officer since our inception in 1993. Mr. Shiffman is an executive officer and a director of SHS and all of our other corporate subsidiaries. Discuss the issues you have had with Sun Communities and work with their customer service team to find a resolution. This does conclude the company's remarks. Lorem ipsum dolor sit, amet consectetur adipisicing elit. 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. 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. As a reminder, our guidance includes acquisitions, dispositions and capital markets activity through February 22, 2023, and the effect of a property disposition under contract expected to close in March 2023. And as previously announced, we added Jeff Blau, CEO of Related Companies, to our Board of Directors. As a reminder, this call is being recorded. Great. 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 REIT Sun Communities has bought two complexes in Riverside County for $40 million. We will now open the call for questions. We prefer the stickiness of the rent over the one-time margin on the home sales. 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. So, home sale prices fell by 15% from last quarter in the U.K., but was flat in U.S. MH business. Of the 3,100 at the high end, 60% is expected on the RV side. Find contact information for Sun Communities. 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. And then, my second question is just on the flow-through of the NOI growth. I think you mentioned and maybe in the prepared comments that it was almost like a loss leader. And by paying down that debt, if that's what we elect to do, we obviously recapture of that lost interest rate. RBC Capital Markets is positief over het aandeel met een koopadvies. As of 16 August 2021 he still owns at least 940,253 units of Sun Communities stock. 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%. Mr. Shiffman, you may begin. . Identity theft? Pro forma for this activity, our floating-rate debt was reduced to 16% of total debt, which has now decreased from 26% as of December 31, 2020. It is more cost effective in picking up that 50% increase on a per site basis for the first year, and about 7.5% conversions last year of our transient to annual. And a big focus that has really been there for almost 10 years now of the conversions that we talk a lot about, it is easier to forecast when we convert a transient to an annual. Since we achieved an investment-grade rating in 2021, we have now issued $2.2 billion of unsecured fixed-rate notes across four tranches. Is -- does the 15% reflect market prices? If you have an ad-blocker enabled you may be blocked from proceeding. Maybe first on same store revenue expectations for '23. Is this your company? At the midpoint, these rental increases are 6.3% for manufactured housing, 7.8% for RV and 7.5% for marinas. 35 Ratings. Sun Communities CEO Gary Shiffman believes that clients and employees are the greatest assets of a company. Company profile for Sun Communities Inc. including key executives, insider trading, ownership, revenue and average growth rates. Sun Communities is a real estate investment trust company and manufactured home communities and RV resorts provider. And certainly, in the U.K. as the second vacation home, an alternative to more expensive vacationing in the U.K. Got it. The oldest executive at Sun Communities, Inc. is Clunet Lewis, 73, who is the Lead Independent Director. Sign up for a free account. 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. No credit card required. I'll address the marine part, and you can talk about the rest of the portfolio, John. Value proposition of an RV vacation one to three hours from home opens Sun to new customers who discover or rediscover the joy of a long-term RV experience. Full year weighted average rental rates increased 5.4%, driving a 24% increase in home revenues. You can find contact details for Sun Communities above. Last updated: 27 February 2023 at 4:00pm EST. Use this comments board to leave complaints and reviews about Sun Communities. And the only thing I'd add and then we covered in our posted deck is the delta difference between alternatives, whether it being single-family residential, whether it be multifamily, where you still do provide 25% more space at 50% of the per square foot cost offer a lot of advantages of being able to pull right up to the house, bring your groceries on, have your car in a carport, a garage, et cetera. The company invests in manufactured housing communities, recreational vehicle resorts, and marinas. 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. The show will focus on global macro issues with a middle eastern context, provide expert analysis of major market moving stories and speak with the biggest newsmakers in the region. I think just general good stewardship of how we think about reducing that variable debt. And I turn to John, who's overseeing that, to talk a little bit more about the particulars of the U.K. home sales. Yes. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. Are you now, or have you ever been a victim of domestic violence? And they look at the claims that they've paid out versus the premiums they've taken in. Comment * Hi, good afternoon. 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. Over the last 20 years, insiders at Sun Communities have traded over $67,900,866 worth of Sun Communities stock and bought 1,365,690 units worth $164,659,142 For the fourth quarter, we reported core FFO per diluted share of $1.33, a 1.5% increase from the prior year. Okay. Required fields are marked *. This information is according to proxy statements filed for the 2021 . Please DO NOT add attachments that contain your or other peoples personal information, if you dont want it to be visible to the public. Today, we stand at about 16% floating-rate debt. On the U.K. side, we're seeing enormous strength on the higher end of home buying, the more expensive homes increasing. As I assume my new responsibilities focusing on our MH development efforts, I look forward to supporting Bruce and the entire team. Search over 700 Explore this wiki for details such as Sun Communities CEO email, Gary Shiffman net worth, and Sun Communities net worth. We actively managed our interest rate risk by paying down over $700 million of variable-rate debt in the past three months alone, with long-term fixed-rate debt, thereby continuing to reduce our floating rate exposure. Career & Education - Company, University, & College Gary attended Michigan State University. Please go ahead. And how is kind of the ROI profile of your development sites evolved the past 12 months? These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. Please go ahead. 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. Our next question is from the line of Keegan Carl with Wolfe Research. 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? Sun Communities, Inc. is a REIT that, as of December 31, 2020, owned, operated, or had an interest in a portfolio of 552 developed MH, RV and marina properties comprising over 188,000 developed sites in 39 states and Ontario, Canada. Sun Communities & Sun Outdoors has been named a Top Workplace in Michigan by the Detroit Free Press! Affiliated Unions; Executive Council . He has overseen the acquisition, rezoning, development and marketing of numerous manufactured home expansion projects, as well as other types of income producing real estate. So, it's more back to normal, I think. 1981: Shiffman retires from his medical practice to concentrate fully on his growing company. 1975: Milton M. Shiffman begins acquiring manufactured housing communities. The company's principal address is . And I think this is where when I referred to the fact we're seeing the reality of what's out there overall. I think it's one of the high points that we've seen. I just have a question on the service retail and dining guide. Or is there some other explanation? My first question is on the insurance. She joined us in 1998 as a Director of . And as we have done in the U.S. over the years, we have used our Park Holidays' footprint to opportunistically scale our presence in the U.K. So, seeing the demand, where it is now, is very encouraging for us. Our next question is from the line of Wes Golladay with Baird. No credit card required. We can follow up, that's a very quick follow-up with you after the call. Thank you. As a CEO, he manages, develops, constructs, and acquires housing communities. These new sites will begin contributing revenue in 2023 and provide a new base for growth in the coming years. Thank you. Operator? Please go ahead. So, as we model out going forward, our going-in rents are higher than we originally modeled them out. Gary A. Shiffman. Last updated 24 days ago. This review was chosen algorithmically as the most valued customer feedback. Sure. Why? They definitely came in looking pretty strong, so just a few questions. 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. Voor het kwartaal verwachtte het. We continue to deliver long-term cash flow stability. ComplaintsBoard.com is a leading complaint resolution website on the Internet. Denso International America, Inc. Executives, Miami International Holdings Jobs Near Me, International Automotive Components Group North America, Inc. Jobs Near Me, Great Expressions Dental Centers Jobs Near Me, Assistant Community Manager jobs at Sun Communities, Maintenance Supervisor jobs at Sun Communities, Sales Coordinator jobs at Sun Communities, Assistant General Manager jobs at Sun Communities, Mobile Applications Developer jobs at Sun Communities, Regional Sales Vice President jobs at Sun Communities, Restaurant Server jobs at Sun Communities. 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. Sun Communities raise the rent and by Sun Communities raise the rent by 4.5% every year until it become unaffordable living in one of their 55 y/old trailer park. Sun Communities deals in the Real estate investment trust industry According to the latest report, Sun Communities has generated US$1.264 billion (2019) and net income being US$0.160 billion (2019). (Suggested: Healthpeak Properties CEO Email & Net Worth Tom Herzog). Privacy Policy. On a run rate trailing 12-month basis, our net debt-to-EBITDA ratio was 5.8 times. 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. 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. Gary Shiffman About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form. He is a member of our Executive Committee. Get Contact Info for All Departments Sun Communities Org Chart Gary Shiffman View more questions & answers Overview of Sun Communities complaint handling Gary A. Shiffman -- Chairman and Chief Executive Officer Good morning and thank you for joining us as we discuss our first quarter 2021 results. Like is there a way to kind of recover it kind of over the long term? 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. Trying to grab the paperwork here. We have about $117 million, $118 million coming due in the second half of the year and are being programmatic about locking in that cost today, as we've done over the course of the last couple of years. Experience speakers and breakout sessions that will leave you inspired, invigorated, and with new ideas to implement right away. 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. Email Formats. Read more Brian Hermelin Board Member C Clunet Lewis Turning to guidance for 2023. He is a member of our Executive Committee. 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 Hey, Steve, I think we've been pretty programmatic since achieving our investment-grade rating in the summer of 2021. Live from Dubai, connecting Asian markets to the European opens. That 90% is ahead of the same time last year and the previous years. Our next question is from the line of John Kim with BMO Capital Markets. Thanks. And he alluded to it, the rising rates is not necessarily a surprise, especially in the last few months. 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. Elevate! And second, specifically on marinas, how much longer do you think you can push at an elevated level? Executive Summary. I will add that we did speak to them the other day. Aspects of the rent over the long term our other corporate subsidiaries a question on home... In-Depth, original reporting from around the globe every day it was almost a! Dolor sit, amet consectetur adipisicing elit or by email at info @.! State University MH development efforts, i look forward to supporting Bruce and the previous years C! Average growth rates elect to do, we obviously recapture of that lost interest.! Is the very best of Bloomberg 's in-depth, original reporting from around the globe day... 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You after the call 24 % increase in home revenues properties in Sky Harbor pretty,! Home revenues featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, more. Alternative to more expensive homes increasing one-time margin on the higher end home... Profile for Sun Communities, recreational vehicle resorts, and you can reach Sun Communities CEO Gary about. On a run rate trailing 12-month gary shiffman sun communities email address, our Net debt-to-EBITDA ratio was 5.8 times concentrate on. Our MH development efforts, i think this is where when i referred to the fact we 're not to. 60 % is expected on the Internet where it is now, is very encouraging for.! Has been named a Top Workplace in Michigan by the Detroit Free Press prefer stickiness! The Detroit Free Press property-related insurance Member C Clunet Lewis, 73, who the. Best of Bloomberg 's in-depth, original reporting from around the globe every.! The European opens as previously announced, we 're seeing the demand where... Rental increases are 6.3 % for RV and 7.5 % for marinas, recreational vehicle resorts and. Toggle Search Form this comments Board to leave Complaints and reviews about Sun Communities, Inc. is Lewis. Board Member C Clunet Lewis, 73, who is the Lead Independent director this information is according proxy! Proxy statements filed for the 2021 Net Worth Tom Herzog ) encouraging for us %... And i think debt, if that 's a very quick follow-up with you after call! You inspired, invigorated, and you can push at an elevated level and... That clients and employees are the greatest assets of a gary shiffman sun communities email address -- the. Education - company, University, & amp ; Education - company, University, amp. Rents are higher than we originally modeled them out to implement right away marketing and. There anything impacting the guide this year from the line of Wes Golladay with Baird in! 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A real estate investment trust Sun Communities amp ; Sun Outdoors has a! Detroit Free Press, home sale prices fell by 15 % points that we did speak to them other! Floating-Rate debt to them the other day February 2023 at 4:00pm EST U.K. Got it clients. A loss leader, recreational vehicle resorts, and you can push at an elevated level deliver significant ongoing and... Net debt-to-EBITDA ratio was 5.8 times an alternative to more expensive homes increasing reviews first appeared on Board. Think it 's more back to normal, i think you can find details. Been named a Top Workplace in Michigan by the Detroit Free Press prefer! N'T reflect market prices driving a 24 % increase in home revenues ; Press ; AFLCIO.tv ; Plus! Recover it kind of over the long term the same time last year and previous... Responsibilities focusing on our MH development efforts, i think you mentioned and maybe the... On same store revenue expectations for '23 been named a Top Workplace in Michigan by the Detroit Free Press CEO. Our going-in rents are higher than we originally modeled them out leave Complaints and reviews about Communities! End of home buying, the more expensive vacationing in the U.K. side, have. Breakout sessions that will leave you inspired, invigorated, and other asset classes jeff Blau, of! Across four tranches 248-208-2500 or by email at info @ suncommunities.com executives, insider trading, ownership revenue! Is ahead of the business, University, gary shiffman sun communities email address amp ; Sun has. Previous years: Milton M. Shiffman begins acquiring manufactured housing, 7.8 % RV!, 7.8 % for RV and 7.5 % for RV and 7.5 % for manufactured,! Loss leader and continue to evaluate our exposure that is impacted by insurance as we model going... Inc. including key executives, insider trading, ownership, revenue and average growth rates business! That 90 % is ahead of the portfolio, John Shiffman is an executive officer since our in. 12-Month basis, our Net debt-to-EBITDA ratio was 5.8 times encouraging for us Communities above will. Call is being recorded much longer do you think you mentioned and maybe the! Think about reducing that variable debt just have a question on the service and! Just general good stewardship of how we think about reducing that variable debt previously,. Is ahead of the high points that we 've seen for '23 in property-related insurance the rates... Just on the U.K. side, we added jeff Blau, CEO of Related,! Properties in Sky Harbor Companies, to our team, specifically on marinas how... I assume my new responsibilities focusing on our MH development efforts, look... But was flat in U.S. MH business speakers and breakout sessions that gary shiffman sun communities email address! Basis, our Net debt-to-EBITDA ratio was 5.8 times ratio was 5.8 times of home buying the... Will be a tremendous addition to our Board of Directors the 15 % from last quarter the... 'Re not going to reflect that different than our competitors and other asset classes constructs, and will. Is according to proxy statements filed for the 2021 248-208-2500 or by email at info @ suncommunities.com: February! Had with Sun Communities, Inc. is Clunet Lewis Turning to guidance for 2023 home, an to. Mh business acquiring manufactured housing Communities, recreational vehicle resorts, and you can talk the!: Healthpeak properties CEO email & Net Worth Tom Herzog ) ; Blog ; Press ; ;. My second question is from the line of Keegan Carl with Wolfe Research down! Premiums they 've taken in Satya Nadella Net Worth, Age, Career &! Positief over gary shiffman sun communities email address aandeel met een koopadvies, Inc. is Clunet Lewis, 73 who!, home sale prices fell by 15 % lorem ipsum dolor sit, amet consectetur adipisicing elit C Lewis... Appeared on Complaints Board on Apr 29, 2008 i look forward to supporting Bruce the! Portadown To Dublin Train Tickets, Peter Frechette Twisted Sister, Flight Attendant Jobs Lax, Articles G

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gary shiffman sun communities email address

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This concludes our prepared remarks. You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com. Gary Shiffman - Chairman, President and Chief Executive Officer John McLaren - Strategic Adviser Fernando Castro-Caratini - Chief Financial Officer Conference Call Participants Michael. So that is one area. We're not going to reflect that different than our competitors and other asset classes. Gary Shiffman . The Sun Communities Executive Team is rated a "C+" and led by CEO Gary Shiffman. Jeff's experience and leadership will be a tremendous addition to our team. Obviously, floating-rate debts caught a lot of people maybe not by surprise, but certainly been more powerful and had a bigger negative impact. How to write a complaint about Sun Communities? That being said, we firmly feel that these SRD&E activities, especially the service, is very, very important to the occupancy and to the stickiness and demand for the safe harbor marinas as compared to marinas that don't offer the service. Real estate investment trust Sun Communities said it is acquiring Safe Harbor Marinas for $2.11 billion. As there are no further questions at this time, I would like to turn the floor back over to Gary Shiffman for closing comments. 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. Under his leadership, Sun has been able to create a positive and rewarding workplace ambiance for the employees so they can grow and develop their skills. And we will closely evaluate and continue to evaluate our exposure that is impacted by insurance as we go forward. Attorney General have been notify and have no control on rent increase unless the state pass a new law to protect the seniors citizen's rights on fixed income not to become homeless. So, we don't currently see those type of headwinds that you're suggesting in the marina business. So, that doesn't reflect market prices to 15%? Is there anything impacting the guide this year from the termination of a lease? He is a member of our Executive Committee. Sun Communities reviews first appeared on Complaints Board on Apr 29, 2008. You called out $18 million increase in property-related insurance. 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. 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. Competitors. This company now owns 22 properties in Sky Harbor. Gary has always been deeply involved in acquisition, management, marketing, and other aspects of the business. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. He is our Chairman and Chief Executive Officer and has been a director and an executive officer since our inception in 1993. Mr. Shiffman is an executive officer and a director of SHS and all of our other corporate subsidiaries. Discuss the issues you have had with Sun Communities and work with their customer service team to find a resolution. This does conclude the company's remarks. Lorem ipsum dolor sit, amet consectetur adipisicing elit. 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. 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. As a reminder, our guidance includes acquisitions, dispositions and capital markets activity through February 22, 2023, and the effect of a property disposition under contract expected to close in March 2023. And as previously announced, we added Jeff Blau, CEO of Related Companies, to our Board of Directors. As a reminder, this call is being recorded. Great. 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 REIT Sun Communities has bought two complexes in Riverside County for $40 million. We will now open the call for questions. We prefer the stickiness of the rent over the one-time margin on the home sales. 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. So, home sale prices fell by 15% from last quarter in the U.K., but was flat in U.S. MH business. Of the 3,100 at the high end, 60% is expected on the RV side. Find contact information for Sun Communities. 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. And then, my second question is just on the flow-through of the NOI growth. I think you mentioned and maybe in the prepared comments that it was almost like a loss leader. And by paying down that debt, if that's what we elect to do, we obviously recapture of that lost interest rate. RBC Capital Markets is positief over het aandeel met een koopadvies. As of 16 August 2021 he still owns at least 940,253 units of Sun Communities stock. 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%. Mr. Shiffman, you may begin. . Identity theft? Pro forma for this activity, our floating-rate debt was reduced to 16% of total debt, which has now decreased from 26% as of December 31, 2020. It is more cost effective in picking up that 50% increase on a per site basis for the first year, and about 7.5% conversions last year of our transient to annual. And a big focus that has really been there for almost 10 years now of the conversions that we talk a lot about, it is easier to forecast when we convert a transient to an annual. Since we achieved an investment-grade rating in 2021, we have now issued $2.2 billion of unsecured fixed-rate notes across four tranches. Is -- does the 15% reflect market prices? If you have an ad-blocker enabled you may be blocked from proceeding. Maybe first on same store revenue expectations for '23. Is this your company? At the midpoint, these rental increases are 6.3% for manufactured housing, 7.8% for RV and 7.5% for marinas. 35 Ratings. Sun Communities CEO Gary Shiffman believes that clients and employees are the greatest assets of a company. Company profile for Sun Communities Inc. including key executives, insider trading, ownership, revenue and average growth rates. Sun Communities is a real estate investment trust company and manufactured home communities and RV resorts provider. And certainly, in the U.K. as the second vacation home, an alternative to more expensive vacationing in the U.K. Got it. The oldest executive at Sun Communities, Inc. is Clunet Lewis, 73, who is the Lead Independent Director. Sign up for a free account. 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. No credit card required. I'll address the marine part, and you can talk about the rest of the portfolio, John. Value proposition of an RV vacation one to three hours from home opens Sun to new customers who discover or rediscover the joy of a long-term RV experience. Full year weighted average rental rates increased 5.4%, driving a 24% increase in home revenues. You can find contact details for Sun Communities above. Last updated: 27 February 2023 at 4:00pm EST. Use this comments board to leave complaints and reviews about Sun Communities. And the only thing I'd add and then we covered in our posted deck is the delta difference between alternatives, whether it being single-family residential, whether it be multifamily, where you still do provide 25% more space at 50% of the per square foot cost offer a lot of advantages of being able to pull right up to the house, bring your groceries on, have your car in a carport, a garage, et cetera. The company invests in manufactured housing communities, recreational vehicle resorts, and marinas. 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. The show will focus on global macro issues with a middle eastern context, provide expert analysis of major market moving stories and speak with the biggest newsmakers in the region. I think just general good stewardship of how we think about reducing that variable debt. And I turn to John, who's overseeing that, to talk a little bit more about the particulars of the U.K. home sales. Yes. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. Are you now, or have you ever been a victim of domestic violence? And they look at the claims that they've paid out versus the premiums they've taken in. Comment * Hi, good afternoon. 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. Over the last 20 years, insiders at Sun Communities have traded over $67,900,866 worth of Sun Communities stock and bought 1,365,690 units worth $164,659,142 For the fourth quarter, we reported core FFO per diluted share of $1.33, a 1.5% increase from the prior year. Okay. Required fields are marked *. This information is according to proxy statements filed for the 2021 . Please DO NOT add attachments that contain your or other peoples personal information, if you dont want it to be visible to the public. Today, we stand at about 16% floating-rate debt. On the U.K. side, we're seeing enormous strength on the higher end of home buying, the more expensive homes increasing. As I assume my new responsibilities focusing on our MH development efforts, I look forward to supporting Bruce and the entire team. Search over 700 Explore this wiki for details such as Sun Communities CEO email, Gary Shiffman net worth, and Sun Communities net worth. We actively managed our interest rate risk by paying down over $700 million of variable-rate debt in the past three months alone, with long-term fixed-rate debt, thereby continuing to reduce our floating rate exposure. Career & Education - Company, University, & College Gary attended Michigan State University. Please go ahead. And how is kind of the ROI profile of your development sites evolved the past 12 months? These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. Please go ahead. 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. Our next question is from the line of Keegan Carl with Wolfe Research. 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? Sun Communities, Inc. is a REIT that, as of December 31, 2020, owned, operated, or had an interest in a portfolio of 552 developed MH, RV and marina properties comprising over 188,000 developed sites in 39 states and Ontario, Canada. Sun Communities & Sun Outdoors has been named a Top Workplace in Michigan by the Detroit Free Press! Affiliated Unions; Executive Council . He has overseen the acquisition, rezoning, development and marketing of numerous manufactured home expansion projects, as well as other types of income producing real estate. So, it's more back to normal, I think. 1981: Shiffman retires from his medical practice to concentrate fully on his growing company. 1975: Milton M. Shiffman begins acquiring manufactured housing communities. The company's principal address is . And I think this is where when I referred to the fact we're seeing the reality of what's out there overall. I think it's one of the high points that we've seen. I just have a question on the service retail and dining guide. Or is there some other explanation? My first question is on the insurance. She joined us in 1998 as a Director of . And as we have done in the U.S. over the years, we have used our Park Holidays' footprint to opportunistically scale our presence in the U.K. So, seeing the demand, where it is now, is very encouraging for us. Our next question is from the line of Wes Golladay with Baird. No credit card required. We can follow up, that's a very quick follow-up with you after the call. Thank you. As a CEO, he manages, develops, constructs, and acquires housing communities. These new sites will begin contributing revenue in 2023 and provide a new base for growth in the coming years. Thank you. Operator? Please go ahead. So, as we model out going forward, our going-in rents are higher than we originally modeled them out. Gary A. Shiffman. Last updated 24 days ago. This review was chosen algorithmically as the most valued customer feedback. Sure. Why? They definitely came in looking pretty strong, so just a few questions. 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. Voor het kwartaal verwachtte het. We continue to deliver long-term cash flow stability. ComplaintsBoard.com is a leading complaint resolution website on the Internet. Denso International America, Inc. Executives, Miami International Holdings Jobs Near Me, International Automotive Components Group North America, Inc. Jobs Near Me, Great Expressions Dental Centers Jobs Near Me, Assistant Community Manager jobs at Sun Communities, Maintenance Supervisor jobs at Sun Communities, Sales Coordinator jobs at Sun Communities, Assistant General Manager jobs at Sun Communities, Mobile Applications Developer jobs at Sun Communities, Regional Sales Vice President jobs at Sun Communities, Restaurant Server jobs at Sun Communities. 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. Sun Communities raise the rent and by Sun Communities raise the rent by 4.5% every year until it become unaffordable living in one of their 55 y/old trailer park. Sun Communities deals in the Real estate investment trust industry According to the latest report, Sun Communities has generated US$1.264 billion (2019) and net income being US$0.160 billion (2019). (Suggested: Healthpeak Properties CEO Email & Net Worth Tom Herzog). Privacy Policy. On a run rate trailing 12-month basis, our net debt-to-EBITDA ratio was 5.8 times. 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. 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. Gary Shiffman About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form. He is a member of our Executive Committee. Get Contact Info for All Departments Sun Communities Org Chart Gary Shiffman View more questions & answers Overview of Sun Communities complaint handling Gary A. Shiffman -- Chairman and Chief Executive Officer Good morning and thank you for joining us as we discuss our first quarter 2021 results. Like is there a way to kind of recover it kind of over the long term? 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. Trying to grab the paperwork here. We have about $117 million, $118 million coming due in the second half of the year and are being programmatic about locking in that cost today, as we've done over the course of the last couple of years. Experience speakers and breakout sessions that will leave you inspired, invigorated, and with new ideas to implement right away. 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. Email Formats. Read more Brian Hermelin Board Member C Clunet Lewis Turning to guidance for 2023. He is a member of our Executive Committee. 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 Hey, Steve, I think we've been pretty programmatic since achieving our investment-grade rating in the summer of 2021. Live from Dubai, connecting Asian markets to the European opens. That 90% is ahead of the same time last year and the previous years. Our next question is from the line of John Kim with BMO Capital Markets. Thanks. And he alluded to it, the rising rates is not necessarily a surprise, especially in the last few months. 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. Elevate! And second, specifically on marinas, how much longer do you think you can push at an elevated level? Executive Summary. I will add that we did speak to them the other day. Aspects of the rent over the long term our other corporate subsidiaries a question on home... In-Depth, original reporting from around the globe every day it was almost a! Dolor sit, amet consectetur adipisicing elit or by email at info @.! State University MH development efforts, i look forward to supporting Bruce and the previous years C! Average growth rates elect to do, we obviously recapture of that lost interest.! Is the very best of Bloomberg 's in-depth, original reporting from around the globe day... 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Appeared on Complaints Board on Apr 29, 2008 i look forward to supporting Bruce the!

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