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 To find out more about what we have to offer, visit a community near you or contact us. Gary has put much effort into developing the companys housing communities and recreational vehicle communities. Thank you. I will now turn it over to Fernando to discuss our financial results in more detail. Main Telephone (248) 208-2500 Primary Address 27777 Franklin Road Suite 200 Southfield, MI 48034 USA Okay. You can find contact details for Sun Communities above. Sun Communities currently employs approximately 3,146 people. Sun Communities competes in Real estate investment trust industry. Affiliated Unions; Executive Council . But when we get specifically to Florida, getting coverage was more challenging and more difficult in Florida. Yes, that's a great question. Executive Summary. I think just general good stewardship of how we think about reducing that variable debt. 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. The marinas, currently owned and operated by Dallas-based Safe Harbor Marinas, include locations in [] Caucasian employees are most confident in their Executive Team. What were they on the marina side, Fernando? I will add that we did speak to them the other day. Your email address will not be published. Hi, good afternoon. We were expecting about a 90-basis point increase year-over-year in revenue from transient RV. We are nearly 95% booked, which is better than we were at this time last year for Q1. You will network with leading professionals from around the country and bring back best practices to your workplace. How construction costs changed on those? Safe Harbor Marinas Acquired for $2.1 Billion. I think it's growing from there right now, that we've noticed rental increases. We are also establishing guidance for first quarter 2023 core FFO per share in the range of $1.15 to $1.20. 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. In 2023, we expect total Same Property NOI across manufactured housing, RV and marinas to increase between 4.9% and 5.9%. 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. Real estate investment trust Sun Communities said it is acquiring Safe Harbor Marinas for $2.11 billion. I'll now turn the call over to Gary Shiffman, Chairman, President and Chief Executive Officer. Is that a demand impact? 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 Thank you. Please disable your ad-blocker and refresh. It tracks over a 30-year period of time that will go up and down a little bit, so we don't see that as anything negative whatsoever. With respect to ESG, we continually identify ways that we can enhance our corporate citizenship. Sign up for a free account. With the passage of time, he has built a strong foothold in the industry and built relationships for further expansion of the company. That being said, we firmly feel that these SRD&E activities, especially the service, is very, very important to the occupancy and to the stickiness and demand for the safe harbor marinas as compared to marinas that don't offer the service. So strategically, we do have to think about the cost return proposition in that state as we do everywhere. Last updated 24 days ago. Gary Shiffman bought 364.42k shares over the last 12 months at an average price of US$195. 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. 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. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. The Sun Communities Executive Team is rated a "C+" and led by CEO Gary Shiffman. 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? That is an increase of about 300 basis points over 2022. We have begun to see it decline. Gary A. Shiffman. 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. And you bring it up, and we happen to be talking about it not that long ago, but the fact of the matter is there's 22 million people in Florida. His association with Sun Communities goes back to its inception. The company undertakes no obligation to advise or update any forward-looking statements to reflect events or circumstances after the date of this release. Total portfolio occupancy of 96.8% includes newly delivered development and expansion sites. A follow-up question on insurance. 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 And then, my second question is just on the flow-through of the NOI growth. 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. Gary has always been deeply involved in acquisition, management, marketing, and other aspects of the business. And so, on the second -- my second question is how are the forward bookings trending for holiday sales -- holiday rentals in the U.K.? I know the marinas [under the] (ph) safe harbor. If you have an ad-blocker enabled you may be blocked from proceeding. million verified professionals across 35 million companies. We continue to deliver long-term cash flow stability. So really, really strong demand. 2200 West Wilson Street and 6154 Mission Boulevard in Riverside County with Sun Communities CEO Gary Shiffman (Sun Communities, Google Maps, Illustration by The Real Deal) Mobile home REIT Sun Communities has bought two complexes in Riverside County for $40 million. The Last 12 Months Of Insider Transactions At Sun Communities. Required fields are marked *. There is a fair amount of competition out there and some discounting that's taking place outside of the Park Holidays and the more inferior properties, but I think it's driving people to expect quality at Park Holidays. Full year weighted average rental rates increased 5.4%, driving a 24% increase in home revenues. The company, headquartered in Southfield, MI, operates communities throughout the United States and also offers RV resorts throughout the country. Yes. He is a member of our Executive Committee. 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. 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. Competitors. And then, Josh, yes, the bulk of the SRD&E NOI year-over-year is coming from that active program on the fuel side. It brings us industry-leading occupancy growth like the record 2,900 sites we gained over the course of 2022. 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. 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. Is that how you guys are thinking about it? Please go ahead. And I think it's reflected by the fact that we now have a waiting list in 80% of our marinas. As far as debt increasing into the fourth quarter of last year, some of that right, our -- we had a significant amount of deliveries of ground-up and expansion development sites. 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. 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. Included in this expected expense growth is an approximately $18 million increase in property-related insurance costs. Good morning, and thank you for joining us as we discuss fourth quarter and full year results for 2022 and our guidance for 2023. Like is it a two-year kind of payback, three-year? Sun Communities corporate office is located in 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States and has 1,963 employees. Thank you. Gary A. Shiffman serves as Chairman of the Board of the Company. Sun Communities, Inc. (SUI) Southfield, MI. Sun Communities, Inc. (NYSE:SUI) Q4 2022 Earnings Conference Call February 23, 2023 11:00 AM ET, Gary Shiffman - Chairman, President and Chief Executive Officer, Fernando Castro-Caratini - Chief Financial Officer. So, I think, again, 40-year track record, 30-year public, 10-year private, indicates that we will be able to continue to get the correct growth based on the value proposition. Thank you. So that was the remaining item from that perspective, and we did realize a larger-than-expected increase for 2023. 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. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! Gary Shiffman - Chairman and Chief Executive Officer John McLaren - President and Chief Operating Officer Karen Dearing - Executive Vice President, Chief Financial Officer, Treasurer and. Maybe a follow-up on that in terms of the development sites. I mean you look at everything, whether it's earthquakes in Turkey and so forth that's impacting the cost of insurance for everybody. And how is kind of the ROI profile of your development sites evolved the past 12 months? 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. 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? So, with that kind of a supply/demand out of balance, we're very comfortable and expecting to continue growth similar to what we've been experiencing. Safe Harbor's operating team, led by Baxter . Jul 27, 2021, 11:00 a.m. Claim it and get a lot of features. 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. 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 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. 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. Thank you. Good luck this year. Please. I think it totally reflects quality, location and value of the assets in our portfolio. Enter employee name to find & verify emails, phones, social links, etc. There is nothing identified yet or nothing that is meaningful. We can follow up, that's a very quick follow-up with you after the call. For the 31 properties Park Holidays has owned since at least January 2021, home sales rose 17%. 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. 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. Are you now, or have you ever been a victim of domestic violence? 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. As we look ahead to 2023, we once again expect to deliver a year of solid Same Property growth. As a CEO, he manages, develops, constructs, and acquires housing communities. (248) 208-2500 Phone (HQ) @suncommunities.com Email @gmail.com Email 27777 Franklin Rd Ste 200, Southfield, Michigan, 48034, United States Office Address (HQ) Reveal for Free Work Biography for Gary Shiffman, Sun Communities Our strategic approach has delivered an attractive balance of a reliable organic growth and strong FFO per share increases. Sure. So, we have a stringent policy there. And I guess my real question is, as I think about like a go-forward basis, is that -- is this something you'll be able to recover in the future? Together, the two parks one in Jurupa Valley and another in Banning, accordingContinue reading Gary A. Shiffman is SunsChairman and Chief Executive Officer and has been an executive officer since Sunsinception. Similar to last quarter, this quarter's outperformance was driven by total marina real property NOI, interest income and U.K. tax favorability. 2200 West Wilson Street and 6154 Mission Boulevard in Riverside County with Sun Communities CEO Gary Shiffman (Sun Communities, Google Maps, Illustration by The Real Deal) Mobile home. One last one from me. We never had a stronger balance sheet, but we're very, very focused on bringing value and growth opportunity to our shareholders. Regarding average rental rate increases, we reiterate the guidance ranges provided back in October. 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 also did swap 400 million of our pound sterling term loan in the U.K. Reagan Haynes. Identity theft? And I'll let John talk really about a 40-year history of manufactured housing. 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. Sun Communities, inc ( SUI -0.28%) Q2 2021 Earnings Call. Is that seasonal? ET. Sun Communities Executive Team & Key Decision Makers. Same is true in the RV for vacationing. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. 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. Search over 700 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. I wanted to follow on Steve's question. 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. 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. And they look at the claims that they've paid out versus the premiums they've taken in. So, can you walk through some of the pressure or other factors that are below the line that's not when you see the Same Property NOI growth flow through to the FFO? 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. 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