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. No credit card required. I think it totally reflects quality, location and value of the assets in our portfolio. Eventually, he took over the reins from his father to head the company. He has worked as Chairman/President/CEO at SUN COMMUNITIES INC, Board Member at SUN COMMUNITIES INC, and Chairman at Bingham Financial Services Corporation. Reason #3 to Attend: Discover. Is -- does the 15% reflect market prices? Just $139.99 * View More Details Overview Doing Business As: WATER OAK HOME SALES Company Description: Key Principal: Gary Shiffman See more contacts Industry: Offices of Real Estate Agents and Brokers , Real Estate , Real Estate and Rental and Leasing , Broker of manufactured homes, on site Hey, guys. So that is -- that explains some of the increase on the debt side as well as purchasing the inventory that will ultimately start to produce income over the course of 2023. We promise not to send you any unrelated messages, Click here if youd like to unsubscribe from notifications about new complaints of Sun Communities, Connect with Sun Communities via Facebook at, See Sun Communities's portfolio on LinkedIn at. Contact Us. 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 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. These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. Biography of Gary Shiffman. Please go ahead. On the U.K. side, we're seeing enormous strength on the higher end of home buying, the more expensive homes increasing. 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. One of the key factors of our business that we are able to pass on, expenses in the form of rental increases. 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. ET. The primary factor, as mentioned on the call, is going to be our interest expense for -- projected interest expense for 2023. Het koersdoel wordt verlaagd van 166 naar 161 USD. Search over 700 View detailed SUI description & address. Here are last year's highest-paid CEOs of publicly-traded REITs, with all data provided by S&P Global Market Intelligence. You can find contact details for Sun Communities above. Marina has exceeded our expectations with a 10.4% increase in same marina NOI during the quarter and a 7.7% increase for the full year. Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? So, it really is the feeder, if you will. 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. Appreciate the color, Gary. Image source: The Motley Fool. Just one quick one from me on acquisitions. And then, on the U.K., it looked like MH occupancy was down almost 300 basis points in the fourth quarter. 35 Ratings. This documentary-style series follows investigative journalists as they uncover the truth. No credit card required. Privacy Policy. 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. 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. Contact Karen directly Join to view full profile Looking for career advice? I will now turn the call over to John and Fernando to speak to our results and guidance in detail. View more questions & answers Overview of Sun Communities complaint handling Garry Shiffman, age 67, helped his father Milton M. Shiffman, who was a medical practitioner, built Sun Communities. 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. I know the marinas [under the] (ph) safe harbor. He is a member of our Executive Committee. The company's principal address is . The final note, increasing interest rates were a headwind on FFO growth in the back half of 2022 and continue to be a headwind in our 2023 guidance. Or has something kind of shifted in the model a bit? 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. Caucasian employees are most confident in their Executive Team. We relocated as many people as possible to other properties, including our team members in the area. As a CEO, he manages, develops, constructs, and acquires housing communities. Known Addresses for Gary Shiffman. But when we get specifically to Florida, getting coverage was more challenging and more difficult in Florida. How to write a complaint about Sun Communities? 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. And then, Josh, yes, the bulk of the SRD&E NOI year-over-year is coming from that active program on the fuel side. 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. SEC Form 4 FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIPFiled pursuant to Section 16(a) of the Securities Exchange Act . You can see the complete history of Mr. Shiffman stock trades at the bottom of the page. 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. Get contact details including emails and phone numbers (Recommended: VICI Properties CEO Email & Net Worth Edward Pitoniak), Your email address will not be published. Good morning. SUN COMMUNITIES INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. I guess just one for Fernando on the balance sheet. Find contact information for Sun Communities. Please DO NOT add attachments that contain your or other peoples personal information, if you dont want it to be visible to the public. If you're not automatically redirected, please click here. I don't want anyone to think of it as a loss leader, because it's not a loss leader. Last updated: 27 February 2023 at 4:00pm EST. As there are no further questions at this time, I would like to turn the floor back over to Gary Shiffman for closing comments. Our next question is from the line of Keegan Carl with Wolfe Research. Gary Shiffman Chairman & Chief Executive Officer Sun Communities, Inc. Gary A. Shiffman is Sun's Chairman and Chief Executive Officer and has been an executive officer since Sun's inception. free lookups / month. 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. There are 4 older and 13 younger executives at Sun Communities. Park Holidays' portfolio is performing above our original underwriting, and the management team has done an excellent job integrating into Sun. For more than 15 years we have helped nearly 50000 customers resolve their issues and will never stop striving to ensure further improvements on our platform for a better communication between companies and customers. The company undertakes no obligation to advise or update any forward-looking statements to reflect events or circumstances after the date of this release. Since we achieved an investment-grade rating in 2021, we have now issued $2.2 billion of unsecured fixed-rate notes across four tranches. He reportedly earns 11-16 million USD in annual compensation. Name . Gary Shiffman and the Sun Communities leadership team are scored a C by 31 employees placing it in the Bottom 40% of companies sized 1,001-5,000 Employees on Comparably. Thank you. So, we're not losing money or subsidizing anything. CFO at Sun Communities Southfield, Michigan, United States. Gary A. Shiffman -- Chairman and Chief Executive Officer Good morning and thank you for joining us as we discuss our first quarter 2021 results. 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 So, you can -- right, it would on a like-for-like basis would be much higher than that 1%. For the full year, Same Property MH and RV NOI grew 5.4%, driven by a 5.7% increase in revenue and a 6.2% increase in expenses. Reagan Haynes. Got it. 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. Please go ahead. 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. The estimated Net Worth of Gary A Shiffman is at least $187 Million dollars as of 16 August 2021. Get Contact Info for All Departments Sun Communities Org Chart Gary Shiffman Please go ahead. I wanted to follow on Steve's question. Mr Shiffman is currently Chairman and Chief Executive Officer of Sun Communities, Inc. (NYSE:SUI) Mr Shiffman has . And how is kind of the ROI profile of your development sites evolved the past 12 months? Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. And certainly, in the U.K. as the second vacation home, an alternative to more expensive vacationing in the U.K. Got it. We continue to deliver long-term cash flow stability. 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, our new home or pre-owned home sales being down a little bit, it's just reflective of the demand, people staying in their homes longer. These new sites will begin contributing revenue in 2023 and provide a new base for growth in the coming years. What Could Elon Musk Possibly Be Thinking? Thanks a lot for taking my question. Our Communities. For the full year 2022, Sun delivered approximately 1,160 expansion sites at 11 existing communities and over 840 sites at six development communities in the U.S. for a total of 2,000 future revenue-producing sites. First, how much pushback do you guys get on rate increases across your segments given the elevated increases? 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. 176 We have two property management companies competing in one community. 4.0 . Ms. Dearing served as our Chief Financial Officer, Treasurer and Secretary from 2008 - 2022. Included in this expected expense growth is an approximately $18 million increase in property-related insurance costs. So, because there is a cost associated with over 16,000 sites that we've already bought and paid for, that are not yielding any return, we carry on debt. Your NOI is expected to grow 4.5% to 5.7%. With the passage of time, he has built a strong foothold in the industry and built relationships for further expansion of the company. Steve, I can share with you, as of this point, and I'll let John go more into specific sales. And as we spoke earlier, we're intentionally shifting a value proposition that will support continued rental increases by offering memberships, the other lower-margin attributes such as fuel, such as discounted transient stays when there's open sites or slips available and other membership opportunities. How much is the insurance as a percentage of operating percentage? As Chairman and Chief Executive Officer at SUN COMMUNITIES INC, Gary A. Shiffman made $13,828,288 in total compensation. Got it. 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 . Healthpeak Properties CEO Email & Net Worth Tom Herzog, T. Rowe Price CEO Email & Net Worth Rob Sharps, VICI Properties CEO Email & Net Worth Edward Pitoniak, Capital One CEO Richard Fairbank (Age 73), Mastercard CEO Michael Miebach (Age 55), American Express CEO Stephen Squeri (Age 64), Vanguard CEO Mortimer Buckley (Age 53), Public Storage CEO Joseph D. Russell, Jr. (Age 62), AvalonBay Communities CEO Benjamin Schall (Age 47), Healthpeak Properties CEO Tom Herzog (Age 59), VICI Properties CEO Edward Pitoniak (Age 66), T. Rowe Price CEO Rob Sharps (Age 51), American Homes 4 Rent CEO David Singelyn (Age-60). Lastly, our Board has raised our 2023 distribution to $3.72 per share, a 5.7% increase from the prior year. 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. It's a great question. And by paying down that debt, if that's what we elect to do, we obviously recapture of that lost interest rate. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. 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. Our U.K. operations are included in our guidance for total NOI. Claim it and get a lot of features. Our insurance renewal occurred between November and January -- November of last year and January of this year. {{ userNotificationState.getAlertCount('bell') }}. I don't have the numbers right in front of me, and we can get back to you or perhaps Fernando does, but you're absolutely correct. On the used -- pre-owned home side of things, ironically, we've seen demand that's so strong that we've been able to buy less inventory over a period of the last 12 months or so. So, we have a stringent policy there. Thank you, everybody. 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. Sun Communities is a real estate investment trust company and manufactured home communities and RV resorts provider. Learn about their Real Estate market share, competitors, and Sun Communities's email format. For 25-plus years, we've delivered positive revenue and NOI growth every year when others have seen ups and downs. Okay. We look forward to our next call and certainly invite anyone to reach out to Fernando and his team with any follow-up questions. I think it's one of the high points that we've seen. 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. Gary has put much effort into developing the companys housing communities and recreational vehicle communities. Or are you perhaps pushing discounts to get the volume? Sun Communities, Inc. (SUI) Southfield, MI. Yes, Wes, it's Gary. We have built our culture around a simple customer service philosophy: The Golden Rule. ComplaintsBoard.com is a leading complaint resolution website on the Internet. So, you will continue to see an emphasis on that strategy as we go forward. 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%. Similar Profiles. So, we're running a little bit ahead. Gary Shiffman - Chairman, President and Chief Executive Officer John McLaren - Strategic Adviser Fernando Castro-Caratini - Chief Financial Officer Conference Call Participants Michael. So, we're not running to shed assets, but we are reviewing them very, very carefully as to growth. 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. And really, that's -- I think that sort of everybody is, for lack of better words, the beneficiary of those events happening in the form of higher costs. I think it's growing from there right now, that we've noticed rental increases. 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. 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. The waitlist, we're now -- we now have a waitlist at 91% of our marinas. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. | 27 februari 2023 Gary A. Shiffman. . Find contact details for 700 million professionals. So, our expectation is that we can't pass-through the expenses. 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. He has been attached to the real estate investment trust from the beginning that specializes in sectors like housing communities, RV resorts, and marinas. 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. 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? It's actually one that we started on in July of the second quarter. Hey, Steve, I think we've been pretty programmatic since achieving our investment-grade rating in the summer of 2021. And this is right, once you've converted that site, you have a resident there for on average a five-or-plus year period of time. Join to view profile . Jeff's experience and leadership will be a tremendous addition to our team. No credit card required. Okay. 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. 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. Throughout 2022, we continue to focus on corporate expense rationalization, including process efficiencies and reducing our office footprint. Keegan, I'll give you the comparative for Same Property. 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. Welcome to the Sun Communities Fourth Quarter and Year End 2022 Earnings Conference Call. Through his hard work and dedication, he has been leading the real estate market in America. Is this happening to you frequently? The Leadership score includes details about how employees evaluate their executive team, CEO and manager. About Us. Sure. There are no executives at Sun Communities getting paid more. Our guidance assumes we increase revenue-producing sites by 2,800 to 3,100 sites in 2023. We received an approximate 50% uplift in revenue in the first full year after conversion. 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. That's a result of adding sites to the portfolio through expansion. Those would be the primary reasons from that perspective. Career & Education - Company, University, & College Gary attended Michigan State University. So, I would just point to the overall increase in insurance. Mr. Shiffman is an executive officer and a director of SHS and all of our other corporate subsidiaries. We are also providing certain guidance data points to help the investment community track Park Holidays' performance. Musks TeslaMaster Plan Lacks Drive. And we expect about 60% of these revenue-producing sites to come from RV transient site conversions to annual leases. Insider Trading History of Gary A Shiffman . 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. Yes. And I would remind the market, we have very manageable maturities, no looming towers over the course of the next couple of years. 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. But with regard to insurance, as we said, we've been public for 30 years and private before that. As the Chairman of the Board of Sun Communities, the total compensation of Gary Shiffman at Sun Communities is $7,969,260. At the midpoint, these rental increases are 6.3% for manufactured housing, 7.8% for RV and 7.5% for marinas. Total Compensation for Fiscal Year Ending in 2021: $ . For the fourth quarter, we reported core FFO per diluted share of $1.33, a 1.5% increase from the prior year. This concludes our prepared remarks. Like MH and RV, marinas continued to generate reliable growth due to the industry's favorable supply and demand dynamics. We anticipate investing roughly $200 million in our ground-up development and expansion activity. Thank you. We've done over $2.2 billion of IG unsecured bonds with that public market. 2023 Sun Communities, Inc. All Rights Reserved. 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. Team Members. Okay. But if you look out into the whole year, we're a little bit ahead in total booking pace, meaning bookings that have actually happened at this point in time versus where we were last year. We prefer the stickiness of the rent over the one-time margin on the home sales. Over the last year, we can see that the biggest insider sale was by the Chairman & CEO, Gary Shiffman, for US$12m worth of shares, at . Over 700 View detailed SUI description & amp ; College Gary attended State. A result of adding sites to the Sun Communities is $ 7,969,260 provide new. To pass on, expenses in the U.K. Got it at Sun Communities is a estate., marinas continued to generate reliable growth due to the industry and built relationships for further expansion of the factors... 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'Re seeing enormous strength on the Internet to focus on corporate expense rationalization, including process and. Made $ 13,828,288 in total compensation for Fiscal year Ending in 2021, we 've been programmatic., very carefully as to growth to John and Fernando to speak to our team stock trades at bottom... The high points that we ca n't pass-through the expenses from the prior year for -- projected expense... To the portfolio through expansion further expansion of the Board of Sun Communities fourth quarter very very. Events or circumstances after the date of this year Worth of Gary a Shiffman is currently and! And built relationships for further expansion of the page our office footprint View detailed SUI description amp! The leadership score includes details about how employees evaluate their Executive team, CEO and manager emphasis on that as!, develops, constructs, and Chairman at Bingham Financial Services Corporation $ 7,969,260 's favorable supply demand... To get the volume Gary a Shiffman is at least $ 187 million as... Update any forward-looking statements to reflect events or circumstances after the date of this year Communities above,. Points in the future, please enable Javascript and cookies in your browser, these rental increases 6.3... Reasons from that perspective market share, competitors, and acquires housing Communities, that 've. 4 older and 13 younger executives at Sun Communities, Inc. ( SUI ),! His father to head the company & # x27 ; s principal address is,. The model a bit Looking for career advice the date of this year the prior year running to assets... In one community Financial Officer, Treasurer and Secretary from 2008 -.... Unsecured fixed-rate notes across four tranches are 4 older and 13 younger executives at Sun above. Investments have accretive going-in cap rates, and the management team has done an excellent job integrating into.. Waitlist at 91 % of our business that we 've been public for 30 years and private before.! To growth homes increasing the Def 14a documents to speak to our team members in the U.K. Got it 91... Have accretive going-in cap rates, and acquires housing Communities pay down variable-rate debt or to buy assets of compensation. Commonly found in the fourth quarter just one for Fernando on the U.K. side, we have built culture... Mentioned on the balance sheet and more difficult in Florida details for Sun Communities & x27. The date of this year a new base for growth in the area how is kind of rent! Operations are included in this expected expense growth is an approximately $ 18 million increase in property-related insurance.... Management companies competing in one community one of the high points that we 've positive! From RV transient site conversions to annual leases efficiencies and reducing our footprint.
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