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. Is that seasonal? Good luck this year. Yes, Wes, it's Gary. Mr. Shiffman is an executive officer and a director of SHS and all of our other corporate subsidiaries. That is an increase of about 300 basis points over 2022. Yes. Sun Communities is a publicly traded real estate investment trust that invests in manufactured housing communities, recreational vehicle resorts, and marinas. We relocated as many people as possible to other properties, including our team members in the area. 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. Every home they own was meant for demolition. million verified professionals across 35 million companies. As a CEO, he manages, develops, constructs, and acquires housing communities. Yes, thanks, good morning. Het koersdoel wordt verlaagd van 166 naar 161 USD. 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. And I would suggest that strategically, we're looking at it very carefully. 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. Gary Shiffman. So, ex that drag, is the expense growth 6% to 7% and matching kind of like the top-line growth? The marinas, currently owned and operated by Dallas-based Safe Harbor Marinas, include locations in [] 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. As Chairman and Chief Executive Officer at SUN COMMUNITIES INC, Gary A. Shiffman made $13,828,288 in total compensation. 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. Thank you. Gary Shiffman and the Sun Communities leadership team are scored a C by 31 employees placing it in the Bottom 40% of companies sized 1,001-5,000 Employees on Comparably. And as we have done in the U.S. over the years, we have used our Park Holidays' footprint to opportunistically scale our presence in the U.K. He is a member of our Executive Committee. 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. Good morning, everyone. I know it's obviously the low demand time of year, but any color on what happened year-to-date in the forward bookings would be great. With respect to ESG, we continually identify ways that we can enhance our corporate citizenship. Our next question is from the line of John Kim with BMO Capital Markets. Discuss the issues you have had with Sun Communities and work with their customer service team to find a resolution. This year marks Sun's 30th year as a public company. You can find contact details for Sun Communities above. As there are no further questions at this time, I would like to turn the floor back over to Gary Shiffman for closing comments. But it's a big advantage to paying the profits that other boat owners would have to pay elsewhere. We have begun to see it decline. Average price was about $196,000. SUN COMMUNITIES INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. So, our expectation is that we will pass-through these costs through rental increases as we go forward because they're part of our operating business. Is this your company? And I think a lot of that has to do with the fact that there's higher costs for basic items, which has caused more people to holiday domestically in the U.K. rather than go to Europe. I will now turn the call over to John and Fernando to speak to our results and guidance in detail. There's over 100 million people there, and we focus our geographic footprint and target the right markets to operate in. 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 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. 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. At year-end, our combined MH and RV occupancy was nearly 97%, reflecting approximately 96% occupancy within our manufactured housing portfolio. 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. John? He has overseen the acquisition, rezoning, development and marketing of numerous manufactured home expansion projects, as well as other types of income producing real estate. Contact Personal Website (s) garyshiffman.com Giant Oak, Inc. Consileint Bio and Featured Works Professor Gary M. Shiffman explores relationships between behavioral science and national security. 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. 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. We are an unparalleled team that has assembled a best-in-class portfolio and operating platform that has delivered impressive results over many years and continues to be positioned for future growth. We don't have it broken down individually to Florida. We will now be conducting a question-and-answer session. And I'll let John talk really about a 40-year history of manufactured housing. Team Members. So, because there is a cost associated with over 16,000 sites that we've already bought and paid for, that are not yielding any return, we carry on debt. Yes. This will surely increase the credibility of your complaint. Same is true in the RV for vacationing. The resilience of our platform can be seen in our full year total manufactured housing, RV and marina Same Property NOI results, which grew by 5.8% over 2021. Like is there a way to kind of recover it kind of over the long term? When was your -- when did your insurance renewal take place? This complaint was posted by a verified customer. So really, really strong demand. Hi, Michael. So, there's no specific plan. ET. With the passage of time, he has built a strong foothold in the industry and built relationships for further expansion of the company. But certainly, looking to actively manage our exposure to floating-rate debt. We prefer the stickiness of the rent over the one-time margin on the home sales. 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. ComplaintsBoard.com is an independent complaint resolution platform that has been successfully voicing consumer concerns since 2004. 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? Gary has made over 24 trades of the Sun Communities stock since 2003, according to the Form 4 filled with the SEC. Turning to guidance for 2023. Thanks. And this is right, once you've converted that site, you have a resident there for on average a five-or-plus year period of time. We have two property management companies competing in one community. (Podcast), Chairman/President/CEO, Sun Communities Inc. And then -- thank you for that. Affiliated Unions; Executive Council . At our RV communities, we set another annual record for site conversions to annual leases. We have about $117 million, $118 million coming due in the second half of the year and are being programmatic about locking in that cost today, as we've done over the course of the last couple of years. The fact that we're in Florida, Texas and California is by design. Sun Communities, Inc. is an owner, operator and developer of manufactured housing communities. Gary Shiffman bought 364.42k shares over the last 12 months at an average price of US$195. Our Communities. With regard to external growth, since acquiring Park Holidays in April 2022, we have focused on integration as well as being very selective in our approach to acquisitions. Get Contact Info for All Departments Sun Communities Org Chart Gary Shiffman Yes. Mr. Shiffman, you may begin. 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. Gary Shiffman is 65, he's been the Chairman of the Board of Sun Communities since 2020. 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. . Out of their 1 competitor, Aspen Heights, Sun Communities' score . This is less of a Sun issue, an asset class issue or anything like that. In 2023, we expect total Same Property NOI across manufactured housing, RV and marinas to increase between 4.9% and 5.9%. 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. Find contact details for 700 million professionals. 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. I would suggest that we're really seeing, maybe a little bit earlier than others from a renewal standpoint, what everybody else has been or will be seeing going forward. Are you now, or have you ever been a victim of domestic violence? Biography of Gary Shiffman. He has overseen the acquisition, rezoning, development, expansion and marketing of numerous manufactured home communities, as well as recreational vehicle communities. For the fourth quarter, we reported core FFO per diluted share of $1.33, a 1.5% increase from the prior year. Occupancy in our Same Property MH and RV portfolio remained strong, increasing 180 basis points during 2022 to end the year at 98.6%. As a reminder, this call is being recorded. About Us. Gary A Shiffman owns about 1,016,253 units of Sun Communities Inc common . Gary Shiffman - Chairman, President and Chief Executive Officer John McLaren - Strategic Adviser Fernando Castro-Caratini - Chief Financial Officer Conference Call Participants Michael. And I turn to John, who's overseeing that, to talk a little bit more about the particulars of the U.K. home sales. For more than 15 years we have helped nearly 50000 customers resolve their issues and will never stop striving to ensure further improvements on our platform for a better communication between companies and customers. 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 as we've talked about before, our business is really about reliable growth because of the strong demand and short supply. A follow-up question on insurance. It's a great question. We negotiate as a package. So that would -- that accounts for about an additional $90 million of that quarter-to-quarter increase. We received an approximate 50% uplift in revenue in the first full year after conversion. But with regard to insurance, as we said, we've been public for 30 years and private before that. Welcome to the Sun Communities Fourth Quarter and Year End 2022 Earnings Conference Call. We will now open the call for questions. 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. He has worked as Chairman/President/CEO at SUN COMMUNITIES INC, Board Member at SUN COMMUNITIES INC, and Chairman at Bingham Financial Services Corporation. Yes, that's a great question. 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. (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 Hi, everyone. Our next question is from the line of Keegan Carl with Wolfe Research. Purchase/Sale: Shares: Price $ Amount $ D/I: 01 Mar 2023 10:54: SUI: SUN COMMUNITIES INC : LEWIS CLUNET R Next, we'll consider growth that. New home sales are up. 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. There is nothing identified yet or nothing that is meaningful. 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). I'll now turn the call over to Gary Shiffman, Chairman, President and Chief Executive Officer. 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. For 25-plus years, we've delivered positive revenue and NOI growth every year when others have seen ups and downs. 27777 Franklin Rd Southfield, MI 48034 31700 Middlebelt Rd Farmington, MI 48334 28800 Orchard Lake Rd Farmington, MI 48334 6212 Bromley Ct West Bloomfield, MI 48322 21155 Warner Ave Warren, MI 48091 575 Pescado Ln Fort Myers, FL 33907 4250 N State Rd Davison, MI 48423 C/O SUN COMMUNITIES, INC. 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. Sun Communities, a real estate investment trust based in Southfield, Michigan, announced the purchase of 104 marinas in 22 states including 18 marinas across Connecticut and Rhode Island in a deal valued at $2.1 billion in cash and stock. Total Compensation for Fiscal Year Ending in 2021: $ . Thank you, everybody. Search over 700 So really, in summary, our strategy is well balanced, we believe, across all stakeholders, including our residents that live in well-maintained communities and create value in their homes. In our conversations over the course of the fall, certainly, expectations for the rest of our expense line items do fall in line with that at the time and mentioned during our NAREIT meetings with investors, we had yet to fully set our insurance program for the year. I think you mentioned and maybe in the prepared comments that it was almost like a loss leader. Sun Communities' CEO, Gary Shiffman, has 32 employee ratings and a score of 64/100, placing them in the Bottom 35% of similar size companies on Comparably with 1,001-5,000 Employees. For the full year, Same Property MH and RV NOI grew 5.4%, driven by a 5.7% increase in revenue and a 6.2% increase in expenses. Yes. Reason #3 to Attend: Discover. Appreciate the color, Gary. This concludes our prepared remarks. To help find his footing, Suh turned to another local mentor: Gary Shiffman, the founder and CEO of Sun Communities, a REIT based near Detroit. About Sun Communities, Inc. Sun Communities, Inc. is a REIT that, as of September 30, 2022, owned, operated, or had an interest in a portfolio of 662 developed MH, RV and Marina properties comprising over 180,500 developed sites and over 46,100 wet slips and dry storage spaces in 39 states, the United Kingdom, Canada, and Puerto Rico. And a Car. 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. His association with Sun Communities goes back to its inception. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. Gary Shiffman . 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