We are doing work that matters - connecting customers with businesses around the world and help them resolve issues and be heard. Thank you. ComplaintsBoard.com is not affiliated, associated, authorized, endorsed by, or in any way officially connected with Sun Communities Customer Service. Every home they own was meant for demolition. One last one from me. I just have a question on the service retail and dining guide. 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. I just want to make sure I'm looking at it correctly. Obviously, floating-rate debts caught a lot of people maybe not by surprise, but certainly been more powerful and had a bigger negative impact. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. 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. Purchase/Sale: Shares: Price $ Amount $ D/I: 01 Mar 2023 10:54: SUI: SUN COMMUNITIES INC : LEWIS CLUNET R And the fact that they're direct selling their homes, so there's no interruption in rent to us, but we're not able to buy the inventory to flip into the used homes as we have been. Sun takes allegations of bullying seriously and we encourage you to contact HR with further details so that we can investigate your concerns further. And certainly, in the U.K. as the second vacation home, an alternative to more expensive vacationing in the U.K. Got it. Reason #3 to Attend: Discover. The U.K. market for holiday parks remains highly fragmented. I think that we don't typically provide guidance towards acquisitions and, of course, capital marketplace activities. 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). Reason #1 to Attend: Learn. 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. Similar Profiles. Bloomberg Daybreak Middle East. 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). Subsequent to the Park Holidays transaction, we acquired 14 best-in-class holiday parks in the U.K. 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 What industry does Sun Communities compete in? Because you obviously expect to compare a lot of sites, which means the comparative pool for transient is going to be much lower. 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. John? How to write a complaint about Sun Communities? Yes, Wes, it's Gary. I don't have that broken out here in front of me. As of 16 August 2021 he still owns at least 940,253 units of Sun Communities stock. The outperformance is due to higher demand for wet slips and dry storage spaces. Privacy Policy. Just one quick one from me on acquisitions. We've been quite programmatic from that perspective to support our issuance in the unsecured bond market. About Us: Of the 3,100 at the high end, 60% is expected on the RV side. Same is true in the RV for vacationing. Sep 30, 2020. (business & personal). Throughout 2022, we continue to focus on corporate expense rationalization, including process efficiencies and reducing our office footprint. 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. 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. Yes, that's a great question. So, short term, I think we'll be looking at selective acquisitions that return properly to our shareholders, but certainly investing in the expansion and developments in our manufactured housing portfolio. Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? Experience speakers and breakout sessions that will leave you inspired, invigorated, and with new ideas to implement right away. He has been actively involved in the management, acquisition, construction and development of manufactured housing communities and has developed an extensive network of industry relationships over the past thirty years. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. Known Addresses for Gary Shiffman. At this time, management would like me to inform you that certain statements made during this call, which are not historical facts, may be deemed forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995. For the year, Sun reported core FFO per diluted share of $7.35, a 12.9% increase from 2021. Please go ahead. Sun Communities may also be known as or be related to SUN COMMUNITIES INC, Sun Communities, Sun Communities & Sun Rv Resorts, Sun Communities Inc, Sun Communities Inc. and Sun Communities, Inc. Search Search. And in his stewardship and direction over there, we believe we will derive great benefit for our shareholders as we go forward in an area that really differentiates us from all others in our asset class. Full year transient Same Property RV revenues grew by 3.1%, reflecting an average rate of growth of 14.1%, despite an almost 10% reduction in available site nights from the strategic conversion of transient sites to annual leases. Jul 27, 2021, 11:00 a.m. Sign up for a free account. How construction costs changed on those? Our strategic approach has delivered an attractive balance of a reliable organic growth and strong FFO per share increases. Thanks. Thank you. 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. Technologies. If you have an ad-blocker enabled you may be blocked from proceeding. Please go ahead. 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. We anticipate investing roughly $200 million in our ground-up development and expansion activity. And as we shared with the original information we provided on the deal, Brexit still makes it difficult to travel in the continent. And that's an area that we're focusing on, and there are also smaller margins on the lodges than there are on the lower-based homes. There are 4 older and 13 younger executives at Sun Communities. ComplaintsBoard.com is a leading complaint resolution website on the Internet. We relocated as many people as possible to other properties, including our team members in the area. We expect total real property NOI to increase between 4.5% and 5.7% during 2023 due to strong resident, guest and member demand at our properties. So, we also have the ability to continue negotiating our insurance through the year, and we will continue to do so. Average price was about $196,000. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! GARY A. SHIFFMAN, agent; GARY SHIFFMAN, director; JOHN B MCLAREN, president; KAREN J DEARING, treasurer; KAREN J DEARING, secretary And that SRD&E is really there and the service, as Gary mentioned, right, of having a member with us for an eight-plus-year period, and we'll continue working through those strategies. And just to try to frame it out, like if insurance is 15% to 20% of expenses and it was 20% higher than anticipated, that would be a 300 basis point to 400 basis point headwind. Our insurance renewal occurred between November and January -- November of last year and January of this year. Sun Communities is a publicly traded real estate investment trust that invests in manufactured housing communities, recreational vehicle resorts, and marinas. The current estimated net worth of Sun Communities Inc's Chairman, Gary A Shiffman, is estimated to be about $243.54M . 320,000, I think, we talked about moved in there last year. 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. Please DO NOT add attachments that contain your or other peoples personal information, if you dont want it to be visible to the public. But certainly, looking to actively manage our exposure to floating-rate debt. Yes, the company is profitable. As everyone might recall, strategically, we are always looking to convert lower-margin business over to the stickier side of rent. 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. 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. Faqs. 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 Regarding average rental rate increases, we reiterate the guidance ranges provided back in October. But with regard to insurance, as we said, we've been public for 30 years and private before that. This information is according to proxy statements filed for the 2021 . Our next question is from the line of Wes Golladay with Baird. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. On average, Gary trades about 19,735 units every 69 days since 2003. 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? Sun Communities has 3,146 employees, of which 5 are in a leadership position. 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. 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 . 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. New home sales are up. Gary A. Shiffman; CEO, President & Chairman; Sun Communities, Inc. John Bandini McLaren; EVP; Sun Communities, Inc. Anthony Franklin Powell; Research Analyst; Barclays Bank PLC,. Is -- does the 15% reflect market prices? The acquired land can support over 2,500 future MH and RV sites. We've also taken advantage of the fact that our assets that are still under secured financing or still have mortgages, because of their strong performance, we're able to borrow up on existing financings and did a $311 million one that closed between December and January over the course of the last couple of months. 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. Lorem ipsum dolor sit amet consectetur adipisicing elit. And as we've shared, again, that today, one of the areas that I think differentiates Sun and gives us the greatest opportunity is the ability to create new ground-up developments and expand our manufactured housing portfolio. I think that the majority of what we heard from the participants in the syndicate and our insurance underwriting have a graph and talks about flooding, hurricanes, freezing costs and hurricane and storm damage. We maintain a solid relationship with our resident base, which is also our sales force. In marinas, our 2022 Same Property results continue to demonstrate supply-demand tailwinds, with a 12:1 ratio of registered boats in the U.S. to the existing supply of leasable wet slips and dry storage spaces. We prefer the stickiness of the rent over the one-time margin on the home sales. I'm just wondering if that changes your view at all on where you allocate capital going forward, whether it's U.K., Midwest or some other markets where it may alleviate some of these factors. We're very pleased with our 2022 achievements. Sun Communities currently employs approximately 3,146 people. And I'll let John talk really about a 40-year history of manufactured housing. We are nearly 95% booked, which is better than we were at this time last year for Q1. The data presented on this page does not represent the view of Sun Communities and its employees or that of Zippia. 4.9% growth in revenues reflected a 5% increase in weighted average monthly rent and a 180-basis point occupancy gain. After their remarks, there will be an opportunity to ask questions. 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. Thanks. And then second part, I did see a termination income. So, we have a stringent policy there. Stock Symbol. As of December 31, Sun had $7.2 billion of debt outstanding that carried a weighted average interest rate of 3.8%, with a weighted average maturity of 7.4 years. When was your -- when did your insurance renewal take place? As we've shared before, I think folks have heard me say it 100 times is that the most expensive site we have in our portfolio is a vacant one. The CEO of Sun Communities, Inc. ( NYSE:SUI) is Gary Shiffman. . ComplaintsBoard.com is an independent complaint resolution platform that has been successfully voicing consumer concerns since 2004. Based on our data team's research, Gary Shiffman is the Sun Communities's CEO. 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. Out of their 1 competitor, Aspen Heights, Sun Communities' score . We have recently received our first permit to place new homes, and our new home sales program is largely set in anticipation of reopening sites in the second half of the year. At year-end, our combined MH and RV occupancy was nearly 97%, reflecting approximately 96% occupancy within our manufactured housing portfolio. Gary A. Shiffman. Sign-In-To-Your-Account. In light of current market conditions, we have shown discipline with regard to our approach to capital allocation, and we'll continue to do so going forward. So, there's no specific plan. SUN COMMUNITIES INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. 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%. 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. 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. 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. This review was chosen algorithmically as the most valued customer feedback. Thanks for that. Last updated 24 days ago. Thank you very much. Welcome to the Sun Communities Fourth Quarter and Year End 2022 Earnings Conference Call. It does look like it's going down a little bit year-over-year. Claim it and get a lot of features. 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 . First, this article will compare CEO compensation with compensation at other large companies. Is that a demand impact? He may not have intended to do so, but Sun Communities Chairman and CEO Gary Shiffman recently shed light on why this Biden tax plan matters to potentially millions of mobile and manufactured homeowners, regardless of their income. Thank you. We've done over $2.2 billion of IG unsecured bonds with that public market. Included in this expected expense growth is an approximately $18 million increase in property-related insurance costs. Sun Communities CEO Gary Shiffman believes that clients and employees are the greatest assets of a company. 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. Like, obviously, like insurance jumped up a lot this year outside of your control a little bit. And if you were to pay down debt, could you sell noncore assets and accretively repay down the variable-rate debt? 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