I don't have that broken out here in front of me. The U.K. market for holiday parks remains highly fragmented. Yes. Having turned over these units, we are now able to realize higher rents on incoming leases. The acquired land can support over 2,500 future MH and RV sites. We've been quite programmatic from that perspective to support our issuance in the unsecured bond market. His association with Sun Communities goes back to its inception. 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 . NYSE: SUI. What are you seeing on the leading-edge demand for transient RV? MH and RV Same Property NOI increased by 4.4% in the quarter. Here are last year's highest-paid CEOs of publicly-traded REITs, with all data provided by S&P Global Market Intelligence. ComplaintsBoard.com is a leading complaint resolution website on the Internet. 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? 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. Please go ahead. At the midpoint of the ranges, summarized in our press release, this total Same Property NOI growth assumes 4.6% growth from manufactured housing, 5.8% growth from RV and a 7% increase from marinas. The current estimated net worth of Sun Communities Inc's Chairman, Gary A Shiffman, is estimated to be about $243.54M . Main Telephone (248) 208-2500 Primary Address 27777 Franklin Road Suite 200 Southfield, MI 48034 USA Hey, guys. Mr. Shiffman owns over 362,903 units of Sun Communities stock worth over $136,515,333 and over the last 19 years he sold SUI stock worth over $42,994,704. They are all complete wrecks mostly from pre 1970. At our RV communities, we set another annual record for site conversions to annual leases. So curious for your thoughts there. Park Holidays' portfolio is performing above our original underwriting, and the management team has done an excellent job integrating into Sun. What industry does Sun Communities compete in? Or are you perhaps pushing discounts to get the volume? 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. 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. Please go ahead. This documentary-style series follows investigative journalists as they uncover the truth. There are 4 older and 13 younger executives at Sun Communities. Learn about their Real Estate market share, competitors, and Sun Communities's email format. Gary A. Shiffman serves as Chairman of the Board of the Company. The primary factor, as mentioned on the call, is going to be our interest expense for -- projected interest expense for 2023. Gary's mailing address filed with the SEC is 27777 FRANKLIN ROAD, SUITE 300, SOUTHFIELD, MI, 48034. 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 Read more Brian Hermelin Board Member C Clunet Lewis Thank you. Yes, we are seeing positive strength there. As a reminder, this call is being recorded. Thanks. Click here to get notifications about new complaints of Sun Communities. We're very pleased with the performance of all. Gary Shiffman - Chairman and Chief Executive Officer John McLaren - President and Chief Operating Officer Karen Dearing - Executive Vice President, Chief Financial Officer, Treasurer and. 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. Our next question is from the line of Brad Heffern with RBC Capital Markets. 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. As there are no further questions at this time, I would like to turn the floor back over to Gary Shiffman for closing comments. Reason #2 to Attend: Network. 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. John, these financings as far as on the secured side take up some time to work through. I think just general good stewardship of how we think about reducing that variable debt. Average price was about $196,000. 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. Stock Symbol. {{ userNotificationState.getAlertCount('bell') }}. At the midpoint, we were expecting 7.5% for this year. This year marks Sun's 30th year as a public company. Sun Communities, Inc. (SUI) Southfield, MI. How to write a complaint about Sun Communities? In addition, he makes $7,969,260 as Chairman of the Board at Sun Communities. Up to 5 Or is there some other explanation? In Payments, Like Geopolitics, India Seeks a Third Way, Subaru, Nintendo Step Up for LGBTQ Workers in Conservative Japan, Visitors Flock to Macau Again, But Its Gambling Dependence Draws Beijings Ire, Gina Raimondo Becomes China Player in a Job Where Her Predecessor Used to Nap, UK Mothers Say It No Longer Makes Financial Sense to Work, Starbucks Illegally Fired 6 New York Union Activists, Judge Rules, Australia Prepares for a Power Grid Without Spinning Turbines, Another Blow to City Centers: Retail Stores Move Outward, New York City Isnt Waiting for the White House to Enforce Fair Housing, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. Yes. Since we achieved an investment-grade rating in 2021, we have now issued $2.2 billion of unsecured fixed-rate notes across four tranches. We also did swap 400 million of our pound sterling term loan in the U.K. Fernando? Reagan Haynes. Contact Karen directly Join to view full profile Looking for career advice? 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. You will network with leading professionals from around the country and bring back best practices to your workplace. 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. At year-end, our combined MH and RV occupancy was nearly 97%, reflecting approximately 96% occupancy within our manufactured housing portfolio. So, there's no specific plan. Up to 5 In 2023, we expect total Same Property NOI across manufactured housing, RV and marinas to increase between 4.9% and 5.9%. Executive Summary. 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. I think you mentioned and maybe in the prepared comments that it was almost like a loss leader. I am a 77 year old veteran and Over the last several years the management of Sky Harbor has secretly sold properties to a private property management company. And they look at the claims that they've paid out versus the premiums they've taken in. As we look ahead to 2023, we once again expect to deliver a year of solid Same Property growth. Of the 3,100 at the high end, 60% is expected on the RV side. Yes. 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 How are you guys thinking about that? Maybe a follow-up on that in terms of the development sites. Caucasian employees are most confident in their Executive Team. Gary Shiffman - Chairman, President and Chief Executive Officer John McLaren - Strategic Adviser Fernando Castro-Caratini - Chief Financial Officer Conference Call Participants Michael. Demand for our manufactured housing communities and RV locations is evident in our consistently high occupancy levels, gains in revenue-producing sites and solid Same Property NOI growth. Affiliated Unions; Executive Council . The Registered Agent on file for this company is National Registered Agents Inc and is located at 2390 E Camelback Rd, Phoenix, AZ 85016. We have two property management companies competing in one community. 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.. We will now open the call for questions. 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. It's gotten more expensive. 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. There's over 100 million people there, and we focus our geographic footprint and target the right markets to operate in. Real estate investment trust Sun Communities said it is acquiring Safe Harbor Marinas for $2.11 billion. 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. 4.9% growth in revenues reflected a 5% increase in weighted average monthly rent and a 180-basis point occupancy gain. So, I'm guessing, can you just walk us through why you allowed floating-rate debt to increase during the fourth quarter and refinance it post quarter? Last updated 24 days ago. 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. 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. That's a result of adding sites to the portfolio through expansion. Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. View more questions & answers Overview of Sun Communities complaint handling I think that absolutely does have bearing on how we think about things and how we look at things. 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. GARY A. SHIFFMAN Chairman Director since: 1993 Committee Executive Directorship Experience Executive officer and director of SHS Qualifications, Attributes, Skills and Experience Actively involved in the management, acquisition, rezoning, expansion, marketing, construction and development of MH communities and RV resorts for over 30-plus years I think it's one of the high points that we've seen. We were expecting about a 90-basis point increase year-over-year in revenue from transient RV. 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. Yes, thanks, good morning. Got it. 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. Trying to grab the paperwork here. Use this comments board to leave complaints and reviews about Sun Communities. 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. 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. Like, obviously, like insurance jumped up a lot this year outside of your control a little bit. (Related: T. Rowe Price CEO Email & Net Worth Rob Sharps). 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. I think everything is under review. He is a member of our Executive Committee. Included in our revenue-producing site gains were over 2,250 transient RV annual lease conversions this year, a new record for Sun. As of 2022, Sun Communitiess net worth stands at 20-24 billion USD. The company's principal address is . 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