So, we're not running to shed assets, but we are reviewing them very, very carefully as to growth. By continuing your navigation, you consent to their use. And he alluded to it, the rising rates is not necessarily a surprise, especially in the last few months. 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. Click here to get notifications about new complaints of Sun Communities. With regard to home sales, our average new home selling price in the U.S. was $196,000 for the quarter, reflecting the high demand at and strategic locations at our properties. Great. So, our expectation is that we can't pass-through the expenses. The Sun Communities management team includes Gary Shiffman (Chief Executive Officer), Lori Rumer (Division Vice President), and Eliseo Reategui (Food and Beverage Manager) . We feel it's definitely recoverable. 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. Hey, Josh, it's Gary. 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. Good luck this year. Search Search. Yes. I mean it's -- Keegan, it's really it's a balanced conversation, which is to say, obviously, looking at what expense growth is and applying to passing that on to our residents, but we view rent increases like a marathon versus a sprint. Sun Communities said the purchase diversifies its geographic and demographic footprint. That's a result of adding sites to the portfolio through expansion. Insider Trading History of Gary A Shiffman . 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. Your Same Property NOI is growing 4.9% to 5.9%, yet your guidance is calling for earnings to be down in 2023. On a run rate trailing 12-month basis, our net debt-to-EBITDA ratio was 5.8 times. How are you guys thinking about that? So, you will continue to see an emphasis on that strategy as we go forward. 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. Submit a complaint and get your issue resolved. Where This Score Ranks Sun Communities' CEO Rating BOTTOM 35% In the Bottom 35% of 2023 Similar Sized Companies on Comparably 2nd 27777 Franklin Rd, Ste 200, Southfield, Michigan 48034, US, View Finally, I want to express my gratitude to the entire Sun team for the privilege to serve as our President for the past eight years and as Chief Operating Officer since 2008. Company profile for Sun Communities Inc. including key executives, insider trading, ownership, revenue and average growth rates. (248) 208-2500 Company Sun Communities Gary Shiffman Current Workplace Sun Communities Location 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States Description Industry Real Estate Discover more about Sun Communities Gary Shiffman Work Experience and Education Education North-western University Board Memberships & Affiliations I will add that we did speak to them the other day. We will now be conducting a question-and-answer session. We look forward to our next call and certainly invite anyone to reach out to Fernando and his team with any follow-up questions. 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. 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 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? Keegan, I'll give you the comparative for Same Property. Mr. Shiffman, you may begin. It has accretiveness and embedded growth where we can justify deploying capital in this environment and deliver the kind of growth our stakeholders are used to. Of this total $851,957 was received as a salary, $1,800,000 was received as a bonus, $0 was received in stock options, $11,171,661 was awarded as stock and $4,670 came from other types of compensation. Thank you for your participation in today's conference. And would you expect your volume of acquisitions in 2023 to be lower or higher than 2022? The company's principal address is . After their remarks, there will be an opportunity to ask questions. I think the past channel checks we've done, there's concern for a while that outsized pricing power is eventually going to deteriorate because it's going to break boat owners. 4.0 . Sun Communities, Inc. (SUI) Southfield, MI. 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. Enter employee name to find & verify emails, phones, social links, etc. Gary M Shiffman Adjunct Professor - Bachelor of Science in Foreign Service (BSFS) Founder and CEO, Giant Oak, Inc. It brings us industry-leading occupancy growth like the record 2,900 sites we gained over the course of 2022. Mr. Shiffman is an executive officer and a director of SHS and all of our other corporate subsidiaries. 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. Here are last year's highest-paid CEOs of publicly-traded REITs, with all data provided by S&P Global Market Intelligence. Okay. So, I understand the fourth quarter is typically a seasonally slow period in the U.K., but can you maybe talk to the weakness in the U.K. prices? Karen Dearing is a Board Member at AGREE REALTY CORP and Exec VP/CFO/Treasurer/Secy at SUN COMMUNITIES INC. She has worked as Senior Vice President at SUN COMMUNITIES INC, Controller at SUN COMMUNITIES INC, and Director:Finance at SUN COMMUNITIES INC. Zippia gives an in-depth look into the details of Sun Communities, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Sun Communities. 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. These new sites will begin contributing revenue in 2023 and provide a new base for growth in the coming years. Maybe first on same store revenue expectations for '23. [Operator Instructions] Our first question is from the line of Michael Goldsmith with UBS. So, the 15%, just to clarify, the 15% does not reflect market prices for U.K. home sales? I will now turn it over to Fernando to discuss our financial results in more detail. Ms. Dearing served as our Chief Financial Officer, Treasurer and Secretary from 2008 - 2022. Yes, thanks, good morning. We will now open the call for questions. Musks TeslaMaster Plan Lacks Drive. Known Addresses for Gary Shiffman. Career & Education - Company, University, & College Gary attended Michigan State University. So, that doesn't reflect market prices to 15%? Comment * 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. No credit card required. This will surely increase the credibility of your complaint. I think it reflects our strategic plan with management. Thank you. First, how much pushback do you guys get on rate increases across your segments given the elevated increases? So, it's going to take a real opportunity. 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. Within our MH and RV portfolio, we gained over 2,900 revenue-producing sites for the year. Good morning, and thank you for joining us as we discuss fourth quarter and full year results for 2022 and our guidance for 2023. Next, we'll consider growth that. 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. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. Or has something kind of shifted in the model a bit? At our RV communities, we set another annual record for site conversions to annual leases. 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. Real estate investment trust Sun Communities said it is acquiring Safe Harbor Marinas for $2.11 billion. We will remain disciplined in our investment activity, and our unparalleled expansion and development platform will continue to provide us with a differentiated growth opportunity. 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. I'd like to thank all of our Sun team members who contributed extraordinary efforts to our collective success. Certainly with the headwinds of interest rates today, that is one big focus, Wes. Gary Shiffman About Us; Blog; Press; AFLCIO.tv; Union Plus Benefits; Toggle Search Form. We negotiate as a package. With regard to the three properties most directly affected by Hurricane Ian, I would note that the cleanup is complete, and we have started the rebuilding process. We've done over $2.2 billion of IG unsecured bonds with that public market. I don't want anyone to think of it as a loss leader, because it's not a loss leader. 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. There are no executives at Sun Communities getting paid more. The CEO of Sun Communities, Inc. ( NYSE:SUI) is Gary Shiffman. Same is true in the RV for vacationing. How much is the insurance as a percentage of operating percentage? And we expect about 60% of these revenue-producing sites to come from RV transient site conversions to annual leases. Like is there a way to kind of recover it kind of over the long term? 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. 35 Ratings. View more questions & answers Overview of Sun Communities complaint handling This year marks Sun's 30th year as a public company. It reflects the environment for insurance at this point in time. Please DO NOT add attachments that contain your or other peoples personal information, if you dont want it to be visible to the public. So, paying down variable debt is probably something that allows us greater opportunity to create growth in the future or if there's something very accretive, we would look at that as well. , that does n't reflect market prices for U.K. home sales social links, etc 're. Communities getting paid more of these revenue-producing sites to the portfolio through expansion Blog ; Press ; ;! More detail Shiffman about us ; Blog ; Press ; AFLCIO.tv ; Union Plus Benefits ; Search... 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