So, your math as far as the headwind from an expense growth perspective tracks. In Payments, Like Geopolitics, India Seeks a Third Way, Subaru, Nintendo Step Up for LGBTQ Workers in Conservative Japan, Visitors Flock to Macau Again, But Its Gambling Dependence Draws Beijings Ire, Gina Raimondo Becomes China Player in a Job Where Her Predecessor Used to Nap, UK Mothers Say It No Longer Makes Financial Sense to Work, Starbucks Illegally Fired 6 New York Union Activists, Judge Rules, Australia Prepares for a Power Grid Without Spinning Turbines, Another Blow to City Centers: Retail Stores Move Outward, New York City Isnt Waiting for the White House to Enforce Fair Housing, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. If you're not automatically redirected, please click here. Get Contact Info for All Departments Sun Communities Org Chart Gary Shiffman Contact Karen directly Join to view full profile Looking for career advice? You might contact Gary A Shiffman via mailing address: 27777 Franklin Road, Ste 200, Southfield Mi 48034. Hey, guys. No materials from this website may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way. Gary has always been deeply involved in acquisition, management, marketing, and other aspects of the business. He is a member of our Executive Committee. Sun Communities has resolved 0 complaints. Our next question is from the line of Steve Sakwa with Evercore ISI. 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. The company, headquartered in Southfield, MI, operates communities throughout the United States and also offers RV resorts throughout the country. It does not include the impact of prospective acquisitions, dispositions or capital markets activities, which may be included in research analyst estimates. 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. One last one from me. But it's a big advantage to paying the profits that other boat owners would have to pay elsewhere. 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. 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. You may now disconnect your lines. Sun Communities competes in Real estate investment trust industry. 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. At the midpoint, these rental increases are 6.3% for manufactured housing, 7.8% for RV and 7.5% for marinas. Subsequent to the Park Holidays transaction, we acquired 14 best-in-class holiday parks in the U.K. Yes. Good morning, ladies and gentlemen, and thank you for standing by. We are also providing certain guidance data points to help the investment community track Park Holidays' performance. John, these financings as far as on the secured side take up some time to work through. Like, obviously, like insurance jumped up a lot this year outside of your control a little bit. Lorem ipsum dolor sit, amet consectetur adipisicing elit. They're actually trending a little bit ahead of this past year, which of course, as we shared before, is great because that is the feeder for more holiday home sales and more rent paying sites. Mr Shiffman was appointed to the Board in December 2018. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Safe Harbor Marinas Acquired for $2.1 Billion. Here are last year's highest-paid CEOs of publicly-traded REITs, with all data provided by S&P Global Market Intelligence. free lookups / month. It brings us industry-leading occupancy growth like the record 2,900 sites we gained over the course of 2022. Similar to last quarter, this quarter's outperformance was driven by total marina real property NOI, interest income and U.K. tax favorability. What were they on the marina side, Fernando? Gary A. Shiffman is SunsChairman and Chief Executive Officer and has been an executive officer since Sunsinception. For the year, Sun reported core FFO per diluted share of $7.35, a 12.9% increase from 2021. Your email address will not be published. Average price was about $196,000. Yes. Currently, we've adjusted our returns to low double digit, in part because of the large rental increases as a reflection of CPI and inflation. 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. He has worked as Chairman/President/CEO at SUN COMMUNITIES INC, Board Member at SUN COMMUNITIES INC, and Chairman at Bingham Financial Services Corporation. 5 free lookups per month. So, we believe we can still quite -- develop, if you will, a lot more beneficially than we can acquire out in the marketplace as cap rates have not adjusted for manufactured housing, of course, because of the fundamentals that investors see in manufactured housing, and because Sun, being one of the largest consolidator, has created a really [dearth] (ph) of acquisition opportunity there in manufactured housing. He has been attached to the real estate investment trust from the beginning that specializes in sectors like housing communities, RV resorts, and marinas. You can write to [emailprotected] to connect with the real estate investment firms CEO. 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. 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. So, our expectation is that we can't pass-through the expenses. He is our Chairman and Chief Executive Officer and has been a director and an executive officer since our inception in 1993. Get contact details including emails and phone numbers I know the marinas [under the] (ph) safe harbor. 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 . And would you expect your volume of acquisitions in 2023 to be lower or higher than 2022? Please. I'll now turn the call over to Gary Shiffman, Chairman, President and Chief Executive Officer. The Leadership score includes details about how employees evaluate their executive team, CEO and manager. 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. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Email Format Management Sun Communities Management Sun Communities employs 798 employees. So, ex that drag, is the expense growth 6% to 7% and matching kind of like the top-line growth? Eventually, he took over the reins from his father to head the company. So really, really strong demand. Please go ahead. He reportedly earns 11-16 million USD in annual compensation. Today marks a very special day, and really want to take this opportunity to thank John for his unbelievable stewardship, both as President and Chief Operating Officer since 2008, if I got that correct. I think it's one of the high points that we've seen. I will now turn the call over to John and Fernando to speak to our results and guidance in detail. Our next question is from the line of Keegan Carl with Wolfe Research. Our Culture: As everyone might recall, strategically, we are always looking to convert lower-margin business over to the stickier side of rent. 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. 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. 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.. 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. 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. I mean you look at everything, whether it's earthquakes in Turkey and so forth that's impacting the cost of insurance for everybody. We received an approximate 50% uplift in revenue in the first full year after conversion. The strength of our portfolio is a direct result of our irreplaceable locations, the hard work of our team members and our continued reinvestment in our communities. It's a great question. I wanted to follow on Steve's question. He has overseen the acquisition, rezoning, development, expansion and marketing of numerous manufactured home communities, as well as recreational vehicle communities. As of 2022, Sun Communitiess net worth stands at 20-24 billion USD. GARY A. SHIFFMAN Chairman, Chief Executive Officer, and President Gary A. Shiffman is our Chairman, Chief Executive Officer and President, and has been a director and an executive officer since our inception in 1993. Looking ahead, we have a solid development and expansion pipeline that can deliver accretive growth for years to come as well as the proven skill set and platform to sustain our growth. After their remarks, there will be an opportunity to ask questions. And second, specifically on marinas, how much longer do you think you can push at an elevated level? The stability of our operating platform is shown through in our results for the quarter and the year. Gary Shiffman bought 364.42k shares over the last 12 months at an average price of US$195. Sun Communities executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. So, it's going to take a real opportunity. How are you guys thinking about that? 320,000, I think, we talked about moved in there last year. Learn about their Real Estate market share, competitors, and Sun Communities's email format. 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. Just one quick one from me on acquisitions. sun communities inc sun communities sun communities - inc sun communities inc sun properties sun properties - inc Sun Communities Global Presence Search All Employees Sun Communities CEO 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. With respect to ESG, we continually identify ways that we can enhance our corporate citizenship. 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. And then, Josh, yes, the bulk of the SRD&E NOI year-over-year is coming from that active program on the fuel side. 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. If you have an ad-blocker enabled you may be blocked from proceeding. 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 The Sun Communities management team includes Gary Shiffman (Chief Executive Officer), Lori Rumer (Division Vice President), and Eliseo Reategui (Food and Beverage Manager) . Hi, good afternoon. The oldest executive at Sun Communities, Inc. is ClunetLewis, 73, who is the Lead Independent Director. Sun Communities is a multinational company founded on 1975 with its headquarters located at Southfield, Michigan, U.S. and key people behind it being Gary A. Shiffman, Chairman & CEO, John B. McLaren, COO and Karen J. Dearing, CFO. And how is kind of the ROI profile of your development sites evolved the past 12 months? The acquired land can support over 2,500 future MH and RV sites. He has been actively involved in the management, acquisition, construction and development of MH communities and has developed an extensive network of industry relationships over the past twenty years. MH and RV Same Property NOI increased by 4.4% in the quarter. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! And going forward, we expect good solid growth this coming year. Okay. Career & Education - Company, University, & College Gary attended Michigan State University. Comment * Is that a demand impact? 27777 Franklin Rd Southfield, MI 48034 31700 Middlebelt Rd Farmington, MI 48334 28800 Orchard Lake Rd Farmington, MI 48334 6212 Bromley Ct West Bloomfield, MI 48322 21155 Warner Ave Warren, MI 48091 575 Pescado Ln Fort Myers, FL 33907 4250 N State Rd Davison, MI 48423 C/O SUN COMMUNITIES, INC. Required fields are marked *. How much is the insurance as a percentage of operating percentage? Are you now, or have you ever been a victim of domestic violence? Obviously, floating-rate debts caught a lot of people maybe not by surprise, but certainly been more powerful and had a bigger negative impact. I'd like to thank all of our Sun team members who contributed extraordinary efforts to our collective success. His association with Sun Communities goes back to its inception. Thank you. Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? Yes. There are no executives at Sun Communities getting paid more. And with the addition of Park Leisure, which are really the high end of holiday vacation parks, they have a much lower percent of fleet home ownership in those 14 properties. At the midpoint of the ranges, summarized in our press release, this total Same Property NOI growth assumes 4.6% growth from manufactured housing, 5.8% growth from RV and a 7% increase from marinas. And certainly, in the U.K. as the second vacation home, an alternative to more expensive vacationing in the U.K. Got it. And I would remind the market, we have very manageable maturities, no looming towers over the course of the next couple of years. Sure. Insider Trading History of Gary A Shiffman . Sun Communities Inc. 31700 Middlebelt Road, Suite 145 Farmington Hills, Michigan 48334 U.S.A. Telephone: (248) 932-3100 Fax: (248) 932-3072 Web site: http://www.suncommunities.com Public Company Incorporated: 1985 Employees: 513 Sales: $151.3 million (2000) Stock Exchanges: New York Ticker Symbol: SUI NAIC: 52593 Real Estate Investment Trusts And on the lease termination, we did mention in my remarks, we did rationalize some space in our main office and got out of two floors in our offices here in Southfield. Thanks for that. 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. Throughout 2022, we continue to focus on corporate expense rationalization, including process efficiencies and reducing our office footprint. (Suggested: Healthpeak Properties CEO Email & Net Worth Tom Herzog). Just curious how kind of the, I guess, economic uncertainties are kind of weighing on sales and whether you're seeing any bumps in the road as you kind of look into '23. 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