And they look at the claims that they've paid out versus the premiums they've taken in. A follow-up question on insurance. What industry does Sun Communities compete in? You can see the complete history of Mr. Shiffman stock trades at the bottom of the page. Yes. I know the marinas [under the] (ph) safe harbor. As I assume my new responsibilities focusing on our MH development efforts, I look forward to supporting Bruce and the entire team. 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. Sun Communities Executive Team & Key Decision Makers. 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. 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. 320,000, I think, we talked about moved in there last year. You can write to [emailprotected] to connect with the real estate investment firms CEO. I wanted to follow on Steve's question. Yes, thanks, good morning. 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. Sun Communities is a publicly traded real estate investment trust that invests in manufactured housing communities, recreational vehicle resorts, and marinas. Okay. Gary A. Shiffman serves as Chairman of the Board of the Company. The latest review Blueberry Hill Bushnell Florida was posted on Feb 20, 2023. And the scale and size, John, I think we're able to get best-in-class pricing, so to speak, and it is a question that we certainly asked. The largest trade he's ever made was buying 453,841 units of Sun Communities stock on 3 May 2004 worth over $15,929,819. Gary Shiffman bought 364.42k shares over the last 12 months at an average price of US$195. We believe our guidance reflects the current interest rate outlook at the time of this call and is informed by forward interest rate curves as of the time of providing our guidance. That is on a base of approximately 7.5% to 8% fewer site nights. Explore this wiki for details such as Sun Communities CEO email, Gary Shiffman net worth, and Sun Communities net worth. Sun Communities said the purchase diversifies its geographic and demographic footprint. 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. 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. It does not include the impact of prospective acquisitions, dispositions or capital markets activities, which may be included in research analyst estimates. In terms of external growth, during 2022 and through the date of this call, Sun acquired 70 operating properties for $2.2 billion and spent approximately $62 million for developable land parcels. I think that absolutely does have bearing on how we think about things and how we look at things. And I think this is where when I referred to the fact we're seeing the reality of what's out there overall. Lorem ipsum dolor sit amet consectetur adipisicing elit. We don't have it broken down individually to Florida. I think you mentioned and maybe in the prepared comments that it was almost like a loss leader. 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. Sun Communities has 3,146 employees, of which 5 are in a leadership position. I think it totally reflects quality, location and value of the assets in our portfolio. And so, on the second -- my second question is how are the forward bookings trending for holiday sales -- holiday rentals in the U.K.? Jul 27, 2021, 11:00 a.m. Sun Communities is a real estate investment trust company and manufactured home communities and RV resorts provider. Stock Symbol. We relocated as many people as possible to other properties, including our team members in the area. The chart below shows insider transactions (by companies and individuals) over the last year. No. And more so a question on how we should think about modeling this line item going forward. The fourth quarter continued to show strength. 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. Thank you. Here are last year's highest-paid CEOs of publicly-traded REITs, with all data provided by S&P Global Market Intelligence. 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. 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 Gary A. Shiffman is the CEO of Sun Communities, Inc. 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. 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. 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. The CEO of Sun Communities, Inc. ( NYSE:SUI) is Gary Shiffman. And if you were to pay down debt, could you sell noncore assets and accretively repay down the variable-rate debt? GARY A. SHIFFMAN, agent; GARY SHIFFMAN, director; JOHN B MCLAREN, president; KAREN J DEARING, treasurer; KAREN J DEARING, secretary 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? So, we have a stringent policy there. We are actively and programmatically working on a number of strategies to continue to reduce our exposure to variable-rate debt. Hi, Michael. Okay. We're looking to build our new developments to a high single-digit unlevered IRR upon stabilization. Ironically, it is Sun Communities Inc (SUI) Chairman and CEO Gary Shiffman who perhaps unwittingly exposed how a key element of the White House Resident Biden tax hikes plan benefits consolidators, that includes Shiffman's own virtue-signaling ESG embracing firm. 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? As a reminder, this call is being recorded. 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. Subsequent to the Park Holidays transaction, we acquired 14 best-in-class holiday parks in the U.K. Please go ahead. Regarding average rental rate increases, we reiterate the guidance ranges provided back in October. And I would remind the market, we have very manageable maturities, no looming towers over the course of the next couple of years. 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. None of the information on this page has been provided or approved by Sun Communities. Sun Communities corporate office is located in 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States and has 1,963 employees. 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. Obviously, floating-rate debts caught a lot of people maybe not by surprise, but certainly been more powerful and had a bigger negative impact. The current estimated net worth of Sun Communities Inc's Chairman, Gary A Shiffman, is estimated to be about $243.54M . We negotiate as a package. Company Overview. Reason #1 to Attend: Learn. The company's filing status is listed as Appointed 08/05/2005 and its File Number is F08203384. 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. Please go ahead. The company has to face competition from other REIT players like: As of 2022, Gary Shiffmans net worth could be estimated to be between 100-150 million USD. 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 he alluded to it, the rising rates is not necessarily a surprise, especially in the last few months. Thank you very much. Fernando? The Leadership score includes details about how employees evaluate their executive team, CEO and manager. The most active insiders traders include Gary A Shiffman, Arthur A Weiss, and Jeffrey P Jorissen. Thank you. 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). As our 30-year track record has demonstrated, we have a business model that delivers results throughout economic cycles, supported by compelling supply-demand fundamentals. Get contact details including emails and phone numbers That's a result of adding sites to the portfolio through expansion. And I'll let John talk really about a 40-year history of manufactured housing. I think it reflects our strategic plan with management. Mr Shiffman was appointed to the Board in December 2018. Identity theft? Thanks a lot for taking my question. Thanks. 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. Jeff's experience and leadership will be a tremendous addition to our team. Team Members. Join to view profile . (Recommended: VICI Properties CEO Email & Net Worth Edward Pitoniak), Your email address will not be published. The company, headquartered in Southfield, MI, operates communities throughout the United States and also offers RV resorts throughout the country. Our next question is from the line of Brad Heffern with RBC Capital Markets. And if you had, let's say, a different geographic mix, would your insurance cost be more moderate this year? 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. Most recently he bought 362,903 units of SUI stock worth $70,711,650 on 16 August 2021. This year marks Sun's 30th year as a public company. He is a member of our Executive Committee. 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. Is that seasonal? We've done over $2.2 billion of IG unsecured bonds with that public market. No credit card required. New home sales are up. Yes. For the 31 properties Park Holidays has owned since at least January 2021, home sales rose 17%. Thank you, everybody. SUN COMMUNITIES INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. Okay. We certainly saw the cost of development spike up through the pandemic, short supply, supply chain, et cetera. And then, Josh, yes, the bulk of the SRD&E NOI year-over-year is coming from that active program on the fuel side. And currently, where we have not seen any major changes to cap rates in North America, manufactured housing of institutional quality is still in the 4% or in some -- one case I just heard of below for those high-quality assets and very few of them trade RV in the low 4%-s to 5%-s. Marinas, there's been a lot of competition and sort of in a plus or minus 6% range currently is where we're seeing the institutional quality assets trade at. 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.. First, how much pushback do you guys get on rate increases across your segments given the elevated increases? 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. Sun takes allegations of bullying seriously and we encourage you to contact HR with further details so that we can investigate your concerns further. 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 Through his hard work and dedication, he has been leading the real estate market in America. No credit card required. But I think when we talk about supply/demand, we talk about over 11 million vessels registered for 800,000, 900,000 wet and dry slips. During 2022, we delivered 2,000 new expansion and greenfield development sites in North America, which was at the high end of our guidance. Thank you. This year there were 200 companies that made the list . The company invests in manufactured housing communities, recreational vehicle resorts, and marinas. Thank you. 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. Please DO NOT add attachments that contain your or other peoples personal information, if you dont want it to be visible to the public. Good luck this year. After their remarks, there will be an opportunity to ask questions. Gary A. Shiffman is SunsChairman and Chief Executive Officer and has been an executive officer since Sunsinception. You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com. 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). Safe Harbor Marinas Acquired for $2.1 Billion. We've been quite programmatic from that perspective to support our issuance in the unsecured bond market. We have built our culture around a simple customer service philosophy: The Golden Rule. Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. ET. 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. 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. Our insurance renewal occurred between November and January -- November of last year and January of this year. 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. 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. ComplaintsBoard.com is a leading complaint resolution website on the Internet. Gary A. Shiffman; CEO, President & Chairman; Sun Communities, Inc. John Bandini McLaren; EVP; Sun Communities, Inc. Anthony Franklin Powell; Research Analyst; Barclays Bank PLC,. John? Yes, the company is profitable. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. So that would -- that accounts for about an additional $90 million of that quarter-to-quarter increase. Mr. Shiffman, you may begin. So that was the remaining item from that perspective, and we did realize a larger-than-expected increase for 2023. Name . The second area is certainly funding the development costs so that we can generate the high returns and create value for the stakeholders by increasing our manufactured housing portfolio. Gary A Shiffman owns about 1,016,253 units of Sun Communities Inc common . Turning to guidance for 2023. Please disable your ad-blocker and refresh. Like is there a way to kind of recover it kind of over the long term? Maybe first on same store revenue expectations for '23. And so -- and then the other thing that I would add is looking out into 2023 from a strength perspective, 90% of our owners have already paid their 2023 pitch fees in full are committed on direct debit. 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. Sun Communities, Inc. 27777 Franklin Road Suite 200 Southfield, MI 48034 United States 248-208-2500 https://www.suncommunities.com Sector(s) : Real Estate Industry : REITResidential Full Time . We are also providing certain guidance data points to help the investment community track Park Holidays' performance. 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. Contact Us. We are also establishing guidance for first quarter 2023 core FFO per share in the range of $1.15 to $1.20. 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. 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. Image source: The Motley Fool. million verified professionals across 35 million companies. I mean it's not really discounts to push the volume, but I think when we walked in, I think part of the investment thesis that we shared in the beginning was the fact that we might thin the margin a little bit to gain more sites and gain more ongoing revenue, okay, on those sites. Guidance for first quarter 2023 core FFO per share in the prepared comments that it almost. 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