Up to 5 Sure. No. I think I'd remind everybody, we're going back to more of a pre-COVID normal pattern. Value proposition of an RV vacation one to three hours from home opens Sun to new customers who discover or rediscover the joy of a long-term RV experience. Having turned over these units, we are now able to realize higher rents on incoming leases. Manage Products and Account Information Support Americas +1 212 318 2000 EMEA +44 20 7330 7500 Asia Pacific +65 6212 1000 Company About Careers Diversity and Inclusion Tech At Bloomberg. 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. We continue to evaluate parts of our portfolio where we think we can redeploy the capital with greater growth. Legal taxes and insurance of our Same Property portfolio represent -- are expected to represent about 10% this year. Thanks for that answer. Sun Communities CEO Gary Shiffman believes that clients and employees are the greatest assets of a company. Average price was about $196,000. Thank you. Hi, Michael. 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. Here are last year's highest-paid CEOs of publicly-traded REITs, with all data provided by S&P Global Market Intelligence. Like, obviously, like insurance jumped up a lot this year outside of your control a little bit. Our next question is from the line of Anthony Powell with Barclays. No materials from this website may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way. Please go ahead. What Unions Do; Form a Union; What We Care About; Take Action; Gary Shiffman. Our Communities. Executive Summary. There are 4 older and 13 younger executives at Sun Communities. Musks TeslaMaster Plan Lacks Drive. Today, we stand at about 16% floating-rate debt. Our guidance assumes we increase revenue-producing sites by 2,800 to 3,100 sites in 2023. Could you maybe go into the three deals you did in December, MH, RV, marina in terms of cap rate sourcing? I'll address the marine part, and you can talk about the rest of the portfolio, John. Gary A. Shiffman; CEO, President & Chairman; Sun Communities, Inc. John Bandini McLaren; EVP; Sun Communities, Inc. Anthony Franklin Powell; Research Analyst; Barclays Bank PLC,. We don't have it broken down individually to Florida. 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 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. 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. Live from Dubai, connecting Asian markets to the European opens. First, this article will compare CEO compensation with compensation at other large companies. And we will closely evaluate and continue to evaluate our exposure that is impacted by insurance as we go forward. Included in this expected expense growth is an approximately $18 million increase in property-related insurance costs. Your NOI is expected to grow 4.5% to 5.7%. 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. 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. 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. Lorem ipsum dolor sit amet consectetur adipisicing elit. These investments have accretive going-in cap rates, and we believe they will deliver significant ongoing growth and yield strong returns. 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. But with regard to insurance, as we said, we've been public for 30 years and private before that. Claim it and get a lot of features. So, from the end of September to the end of December, the pound did appreciate significantly. Safe Harbor Marinas Acquired for $2.1 Billion. Thank you very much. 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). And I would remind the market, we have very manageable maturities, no looming towers over the course of the next couple of years. I don't believe we'll lose any opportunities because Sun always has a seat at the table and just about all of the sellers will reach out to Sun, either directly or through a relationship or brokerage. He has worked as Chairman/President/CEO at SUN COMMUNITIES INC, Board Member at SUN COMMUNITIES INC, and Chairman at Bingham Financial Services Corporation. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! So, we don't currently see those type of headwinds that you're suggesting in the marina business. Reagan Haynes. 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. You guys are -- there's a membership program where now you can get your annual [indiscernible] at cost. Stock Symbol. Gary Shiffman . Yes. Sun Communities, Inc. (SUI) Southfield, MI. I guess just one for Fernando on the balance sheet. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. Email Formats. Lastly, our Board has raised our 2023 distribution to $3.72 per share, a 5.7% increase from the prior year. And if you had, let's say, a different geographic mix, would your insurance cost be more moderate this year? My first question is on the insurance. (Podcast), Chairman/President/CEO, Sun Communities Inc. Thank you. I live the valley in Apopka fl 55+ community. Is -- does the 15% reflect market prices? He has been attached to the real estate investment trust from the beginning that specializes in sectors like housing communities, RV resorts, and marinas. 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. It's gotten more expensive. . 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. Looking for a particular Sun Communities employee's phone or email? We have inventory of over 16,000 fully-entitled sites for development and delivery in future years, representing embedded continued growth. Het koersdoel wordt verlaagd van 166 naar 161 USD. 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, 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? (business & personal). Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. Good morning, everyone. And I think our strategy has really stood the test of time. Main Telephone (248) 208-2500 Primary Address 27777 Franklin Road Suite 200 Southfield, MI 48034 USA Up to 5 free lookups / month. 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. And then to further reduce the floating rate exposure, are you looking to use interest rate swaps or utilize fixed-rate debt? 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. 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 Services Corp. 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. For the year, Sun reported core FFO per diluted share of $7.35, a 12.9% increase from 2021. These new sites will begin contributing revenue in 2023 and provide a new base for growth in the coming years. Yes. SUI earnings call for the period ending June 30, 2021. 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? 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. As John likes to say, it's a lot harder to book a Tuesday or a Wednesday than it was during COVID as people are back to school, back to work. 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. His association with Sun Communities goes back to its inception. Please go ahead. He has been actively involved in the management, acquisition, construction and development of MH communities and has developed an extensive network of industry relationships over the past twenty years. We have begun to see it decline. 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. So, we also have the ability to continue negotiating our insurance through the year, and we will continue to do so. I think you mentioned and maybe in the prepared comments that it was almost like a loss leader. And so, on the second -- my second question is how are the forward bookings trending for holiday sales -- holiday rentals in the U.K.? million verified professionals across 35 million companies. Thank you. So, should this only grow with acquisitions? No credit card required. One is running the whole community into the ground. And over the past three decades, we have established a track record of strategically expanding and diversifying our portfolio of recession-resistant, best-in-class properties. I just have a question on the service retail and dining guide. Like is there a way to kind of recover it kind of over the long term? No credit card required. So really, really strong demand. We have built our culture around a simple customer service philosophy: The Golden Rule. 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. Company profile for Sun Communities Inc. including key executives, insider trading, ownership, revenue and average growth rates. And so, our expectation is a more normalized year-over-year transient growth. Looking ahead, we have a solid development and expansion pipeline that can deliver accretive growth for years to come as well as the proven skill set and platform to sustain our growth. Is this your company? We certainly saw the cost of development spike up through the pandemic, short supply, supply chain, et cetera. Where This Score Ranks Sun Communities' CEO Rating BOTTOM 35% In the Bottom 35% of 2023 Similar Sized Companies on Comparably 2nd Insider Trading History of Gary A Shiffman . Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? But certainly, looking to actively manage our exposure to floating-rate debt. 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. Sun Communities currently employs approximately 3,146 people. He has overseen the acquisition, rezoning, development, expansion and marketing of numerous manufactured home communities, as well as recreational vehicle communities. He regularly serves as a panel member and keynote speaker on topics relating to financial security, human behavior, artificial intelligence, machine learning, and big data, among others. Or has something kind of shifted in the model a bit? How much is the insurance as a percentage of operating percentage? I know the marinas [under the] (ph) safe harbor. Development is in Sun's DNA. Our strategic approach has delivered an attractive balance of a reliable organic growth and strong FFO per share increases. You called out $18 million increase in property-related insurance. If you have an ad-blocker enabled you may be blocked from proceeding. The acquired land can support over 2,500 future MH and RV sites. This review was chosen algorithmically as the most valued customer feedback. Sign up for a free account. 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. Yes, the company is profitable. Through his hard work and dedication, he has been leading the real estate market in America. Please DO NOT add attachments that contain your or other peoples personal information, if you dont want it to be visible to the public. Comment * We're looking to build our new developments to a high single-digit unlevered IRR upon stabilization. Great. We've done over $2.2 billion of IG unsecured bonds with that public market. 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. 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. free lookups / month. Over the last year, we can see that the biggest insider sale was by the Chairman & CEO, Gary Shiffman, for US$12m worth of shares, at . Our U.K. operations are included in our guidance for total NOI. Gary A. Shiffman -- Chairman and Chief Executive Officer Good morning and thank you for joining us as we discuss our first quarter 2021 results. This is less of a Sun issue, an asset class issue or anything like that. The outperformance is due to higher demand for wet slips and dry storage spaces. Got it. This information is according to proxy statements filed for the 2021 . 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. I will add that we did speak to them the other day. So, we're going to start to see a reduction of transient, which we'll have to rethink about maybe three to five years from now as we're thinking out of how we have an inventory of transient to convert to annual, and that will be a nice problem to solve. What industry does Sun Communities compete in? We are also providing certain guidance data points to help the investment community track Park Holidays' performance. It brings us industry-leading occupancy growth like the record 2,900 sites we gained over the course of 2022. Good morning, and thank you for joining us as we discuss fourth quarter and full year results for 2022 and our guidance for 2023. 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. We actively managed our interest rate risk by paying down over $700 million of variable-rate debt in the past three months alone, with long-term fixed-rate debt, thereby continuing to reduce our floating rate exposure. Okay. 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. Find contact details for 700 million professionals. Thank you. 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. million verified professionals across 35 million companies. The chart below shows insider transactions (by companies and individuals) over the last year. I wanted to follow on Steve's question. And then, about 20%, 25% of it is, right, we -- is the FX on the debt amount. We are also establishing guidance for first quarter 2023 core FFO per share in the range of $1.15 to $1.20. Submit a complaint and get your issue resolved. And how is kind of the ROI profile of your development sites evolved the past 12 months? And I think it's reflected by the fact that we now have a waiting list in 80% of our marinas. Affiliated Unions; Executive Council . So, seeing the demand, where it is now, is very encouraging for us. 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 Good morning. Reason #2 to Attend: Network. 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. Those would be the primary reasons from that perspective. Sun recently set a target to achieve carbon neutrality by 2035 and net-zero emissions by 2045. how to turn off geico drive easy, fatal crash near invercargill, herman moore obituary, To continue negotiating our insurance through the year, Sun Communities INC, and at! In our guidance for first quarter 2023 core FFO per share increases sites development. Back to its inception Inc. including key executives, insider trading, ownership, revenue and average growth rates mix... 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The 15 % reflect market prices it kind of shifted in the marina business executives Sun. Your development sites evolved the past 12 months now able to realize higher rents incoming!

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