Could you maybe go into the three deals you did in December, MH, RV, marina in terms of cap rate sourcing? We never had a stronger balance sheet, but we're very, very focused on bringing value and growth opportunity to our shareholders. Sure. 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. So that would -- that accounts for about an additional $90 million of that quarter-to-quarter increase. Thank you. 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. 5 free lookups per month. Additionally, Mr. Shiffman, through his family-related interests, has had significant direct holdings in various real estate asset classes, which include office, multi-family, industrial, residential and retail. Similar Profiles. People are still positive about experiencing that outdoor vacation. As I assume my new responsibilities focusing on our MH development efforts, I look forward to supporting Bruce and the entire team. Required fields are marked *. Sun Communities, Inc. heeft een winstverwachting afgegeven voor het eerste kwartaal eindigend op 31 maart 2023 en het gehele jaar eindigend op 31 december 2023. 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. 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 When was your -- when did your insurance renewal take place? Find contact information for Sun Communities. The Sun Communities Executive Team is rated a "C+" and led by CEO Gary Shiffman. Find contact details for 700 million professionals. I think it totally reflects quality, location and value of the assets in our portfolio. And the only thing I'd add and then we covered in our posted deck is the delta difference between alternatives, whether it being single-family residential, whether it be multifamily, where you still do provide 25% more space at 50% of the per square foot cost offer a lot of advantages of being able to pull right up to the house, bring your groceries on, have your car in a carport, a garage, et cetera. 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. Company Overview. Sun Markets CEO Gary Shiffman with 11085 Pine Acre Trails Boulevard in Conroe, TX (Google Maps, Sun Communities, Illustration by The Real Deal with Getty) Yet another Texas mobile home. Please go ahead. 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? I live the valley in Apopka fl 55+ community. We've been quite programmatic from that perspective to support our issuance in the unsecured bond market. Enter employee name to find & verify emails, phones, social links, etc. We prefer the stickiness of the rent over the one-time margin on the home sales. Please. Sun Communities & Sun Outdoors has been named a Top Workplace in Michigan by the Detroit Free Press! This information is according to proxy statements filed for the 2021 . Hey, guys. 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? 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 . Appreciate the color, Gary. Like, obviously, like insurance jumped up a lot this year outside of your control a little bit. Our U.K. operations are included in our guidance for total NOI. As everyone might recall, strategically, we are always looking to convert lower-margin business over to the stickier side of rent. | 1 maart 2023 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. With regard to the three properties most directly affected by Hurricane Ian, I would note that the cleanup is complete, and we have started the rebuilding process. Email Format Management Sun Communities Management Sun Communities employs 798 employees. Good morning, ladies and gentlemen, and thank you for standing by. 55+ Home Options; 55+ Lifestyle; 55+ Signature Communities; 55+ Signature Florida Communities; Rent a Home; Relocate a Home; Referral Program; RV Communities; About Us; Join Our Team; Investors; Acquisitions; Sun Unity; Digital Accessibility; Customer Login So that was the remaining item from that perspective, and we did realize a larger-than-expected increase for 2023. And then, on the U.K., it looked like MH occupancy was down almost 300 basis points in the fourth quarter. Our next question is from the line of Keegan Carl with Wolfe Research. Our next question is from the line of Steve Sakwa with Evercore ISI. You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com. The company invests in manufactured housing communities, recreational vehicle resorts, and marinas. You can find contact details for Sun Communities above. Our next question is from the line of Josh Dennerlein with Bank of America. Or are you perhaps pushing discounts to get the volume? So curious for your thoughts there. Submit a complaint and get your issue resolved. But certainly, looking to actively manage our exposure to floating-rate debt. Maybe a follow-up on that in terms of the 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. Search Search. Looking for a particular Sun Communities employee's phone or email? As of 16 August 2021 he still owns at least 940,253 units of Sun Communities stock. Yes. We've just elected to shift smaller margin over to higher valuation in the form of sticky rent. He has worked as Chairman/President/CEO at SUN COMMUNITIES INC, Board Member at SUN COMMUNITIES INC, and Chairman at Bingham Financial Services Corporation. So, we're running a little bit ahead. 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. We have begun to see it decline. Total portfolio occupancy of 96.8% includes newly delivered development and expansion sites. How to write a complaint about Sun Communities? And certainly, in the U.K. as the second vacation home, an alternative to more expensive vacationing in the U.K. Got it. Our platform of recession-resistant, best-in-class properties is positioned to continue generating strong cash flow growth for the benefit of our stakeholders. So, seeing the demand, where it is now, is very encouraging for us. Like is there a way to kind of recover it kind of over the long term? Full year transient Same Property RV revenues grew by 3.1%, reflecting an average rate of growth of 14.1%, despite an almost 10% reduction in available site nights from the strategic conversion of transient sites to annual leases. Average price was about $196,000. Sun Communities has an average consumer rating of 1 stars from 176 reviews. And I turn to John, who's overseeing that, to talk a little bit more about the particulars of the U.K. home sales. Got it. These new sites will begin contributing revenue in 2023 and provide a new base for growth in the coming years. Insider Trading History of Gary A Shiffman . And I would just emphasize the point that Gary made in his answer, which is that this has a lot more to do with what events are taking place across the world, okay? 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? We have recently received our first permit to place new homes, and our new home sales program is largely set in anticipation of reopening sites in the second half of the year. And would you expect your volume of acquisitions in 2023 to be lower or higher than 2022? Regarding average rental rate increases, we reiterate the guidance ranges provided back in October. Faqs. And then, about 20%, 25% of it is, right, we -- is the FX on the debt amount. We anticipate investing roughly $200 million in our ground-up development and expansion activity. Next, we'll consider growth that. The CEO of Sun Communities, Inc. ( NYSE:SUI) is Gary Shiffman. Our Culture: So, we don't currently see those type of headwinds that you're suggesting in the marina business. I'd like to thank all of our Sun team members who contributed extraordinary efforts to our collective success. 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. 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. Our insurance renewal occurred between November and January -- November of last year and January of this year. Biography of Gary Shiffman. 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. I think everything is under review. Reason #3 to Attend: Discover. Thank you. But it's a big advantage to paying the profits that other boat owners would have to pay elsewhere. Like is it a two-year kind of payback, three-year? The Registered Agent on file for this company is National Registered Agents Inc and is located at 2390 E Camelback Rd, Phoenix, AZ 85016. I think I'd remind everybody, we're going back to more of a pre-COVID normal pattern. And he alluded to it, the rising rates is not necessarily a surprise, especially in the last few months. Sun Communities reviews first appeared on Complaints Board on Apr 29, 2008. And we will closely evaluate and continue to evaluate our exposure that is impacted by insurance as we go forward. Gary Shiffman is a Manager at Sun OFI LLC, Board Member at Sun Home Services Inc, and Executive Officer at Sun Home Services Inc. Affiliated Unions; Executive Council . 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. Up to 5 You may now disconnect your lines. ComplaintsBoard.com is a leading complaint resolution website on the Internet. 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. As a reminder, this call is being recorded. Yes. And then to further reduce the floating rate exposure, are you looking to use interest rate swaps or utilize fixed-rate debt? Just one quick one from me on acquisitions. Purchase/Sale: Shares: Price $ Amount $ D/I: 01 Mar 2023 10:54: SUI: SUN COMMUNITIES INC : LEWIS CLUNET R On average, Sun Communities executives and independent directors trade stock every 50 days with the average trade being worth of $2,616,388. Sun Communities employees rate their Executive Team in the Top 50% of similar size companies on Comparably with 1,001-5,000 Employees. This review was chosen algorithmically as the most valued customer feedback. And so basically, we're just executing the plan that we set out to do. 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. There are 4 older and 13 younger executives at Sun Communities. I will now turn it over to Fernando to discuss our financial results in more detail. 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 . Okay. A follow-up question on insurance. 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. Importantly, we expect our G&A as a percentage of revenue to decline this year. I just have a question on the service retail and dining guide. It does look like it's going down a little bit year-over-year. The estimated Net Worth of Gary A Shiffman is at least $187 Million dollars as of 16 August 2021. We continue to evaluate parts of our portfolio where we think we can redeploy the capital with greater growth. Our Communities. 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. Okay. Gary has always been deeply involved in acquisition, management, marketing, and other aspects of the business. Looking for a particular Sun Communities employee's phone or email? On a run rate trailing 12-month basis, our net debt-to-EBITDA ratio was 5.8 times. 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 stability of our operating platform is shown through in our results for the quarter and the year. 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. At our RV communities, we set another annual record for site conversions to annual leases. We did over since December of 2021 about 850 of treasury locks and swaps. (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 None of the information on this page has been provided or approved by Sun Communities. So, as we model out going forward, our going-in rents are higher than we originally modeled them out. Sun Communities is a real estate investment trust company and manufactured home communities and RV resorts provider. Good morning. 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. They are all complete wrecks mostly from pre 1970. His association with Sun Communities goes back to its inception. Gary A. Shiffman -- Chairman and Chief Executive Officer Good morning and thank you for joining us as we discuss our first quarter 2021 results. No. There are no executives at Sun Communities getting paid more. Got it. And then, my second question is just on the flow-through of the NOI growth. On average, Gary trades about 19,735 units every 69 days since 2003. It's a great question. Maybe first on same store revenue expectations for '23. 1985: The company incorporates in order to expand further. Throughout 2022, we continue to focus on corporate expense rationalization, including process efficiencies and reducing our office footprint. And so, our expectation is a more normalized year-over-year transient growth. It's actually one that we started on in July of the second quarter. 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. 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? Thank you. We've done over $2.2 billion of IG unsecured bonds with that public market. I think it clearly reflects a capital reinvestment that we've shared with our stakeholders before, that if we don't reinvest in our communities, we do strip the equity right out from underneath the homeowners. 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. It has accretiveness and embedded growth where we can justify deploying capital in this environment and deliver the kind of growth our stakeholders are used to. The chart below shows insider transactions (by companies and individuals) over the last year. Our next question is from the line of Wes Golladay with Baird. Gary A. Shiffman is SunsChairman and Chief Executive Officer and has been an executive officer since Sunsinception. The company, headquartered in Southfield, MI, operates communities throughout the United States and also offers RV resorts throughout the country. 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. 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. Up to 5 The marinas, currently owned and operated by Dallas-based Safe Harbor Marinas, include locations in [] And then, you did mention potentially asset recycling. 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. Required fields are marked *. So yes, that does factor into our toolbox. Thank you. And a Car. The latest review Blueberry Hill Bushnell Florida was posted on Feb 20, 2023. 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. We will remain disciplined in our investment activity, and our unparalleled expansion and development platform will continue to provide us with a differentiated growth opportunity. Gary Shiffman. Included in our revenue-producing site gains were over 2,250 transient RV annual lease conversions this year, a new record for Sun. GARY A. SHIFFMAN Chairman, Chief Executive Officer, and President Gary A. Shiffman is our Chairman, Chief Executive Officer and President, and has been a director and an executive officer since our inception in 1993. 1981: Shiffman retires from his medical practice to concentrate fully on his growing company. We are doing work that matters - connecting customers with businesses around the world and help them resolve issues and be heard. 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. Because you obviously expect to compare a lot of sites, which means the comparative pool for transient is going to be much lower. Elevate! 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. 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. The most recent stock trade was executed by Clunet R Lewis on 27 February 2023, trading 1,500 units of SUI stock currently worth $222,765. Factors and risks that could cause actual results to differ materially from expectations are detailed in yesterday's press release and, from time to time, in the company's periodic filings with the SEC. Mr Shiffman was appointed to the Board in December 2018. 35 Ratings. Please go ahead. Or has something kind of shifted in the model a bit? I think it reflects our strategic plan with management. We always appreciate the opportunity to have these calls and speak about the business. Sun recently set a target to achieve carbon neutrality by 2035 and net-zero emissions by 2045. GARY A. SHIFFMAN, agent; GARY SHIFFMAN, director; JOHN B MCLAREN, president; KAREN J DEARING, treasurer; KAREN J DEARING, secretary Thank you very much. Yes, the company is profitable. 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. Most recently he bought 362,903 units of SUI stock worth $70,711,650 on 16 August 2021. Steve, I can share with you, as of this point, and I'll let John go more into specific sales. Based on our data team's research, Gary Shiffman is the Sun Communities's CEO. Our next question is from the line of Robyn Luu with Green Street. 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 The organizational chart of Sun Communities displays its 56 main executives including Gary Shiffman, Fernando Castro-Caratini and Bruce Thelen We use cookies to provide a better service. 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. At year-end, our combined MH and RV occupancy was nearly 97%, reflecting approximately 96% occupancy within our manufactured housing portfolio. 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. 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. Within our MH and RV portfolio, we gained over 2,900 revenue-producing sites for the year. The outperformance is due to higher demand for wet slips and dry storage spaces. 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. 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 think that absolutely does have bearing on how we think about things and how we look at things. You can see the complete history of Mr. Shiffman stock trades at the bottom of the page. If you have an ad-blocker enabled you may be blocked from proceeding. Okay. 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. Safe Harbor owns and operates 101 marinas in the U.S. with a network of nearly 40,000-member boat owners in 22 states. Is -- does the 15% reflect market prices? Search over 700 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. 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. Key Principal: Gary A Shiffman See more contacts Industry: Real estate investment trusts , Mobile homes Printer Friendly View Address: 27777 Franklin Rd Ste 200 Southfield, MI, 48034-8205 United States See other locations Phone: Website: www.suncommunities.com Employees (this site): Modelled Employees (all sites): Actual Revenue: $2.27 billion Total Compensation for Fiscal Year Ending in 2021: $ . 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. 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. 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? 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. My first question is on the insurance. And really, that's -- I think that sort of everybody is, for lack of better words, the beneficiary of those events happening in the form of higher costs. So, that doesn't reflect market prices to 15%? 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. 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 Shiffman - Chairman and Chief Executive Officer John McLaren - President and Chief Operating Officer Karen Dearing - Executive Vice President, Chief Financial Officer, Treasurer and. 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. I think from the booking pace perspective, right now, we are trending just a little bit ahead of last year, which is great. Is that how you guys are thinking about it? 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. 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. ET. And I think it's reflected by the fact that we now have a waiting list in 80% of our marinas. I'll address the marine part, and you can talk about the rest of the portfolio, John. Sun Communities competes in Real estate investment trust industry. MH and RV Same Property NOI increased by 4.4% in the quarter. The oldest executive at Sun Communities, Inc. is ClunetLewis, 73, who is the Lead Independent Director. As we know, that can go up and down. 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. Welcome to the Sun Communities Fourth Quarter and Year End 2022 Earnings Conference Call. Competitors. There's over 100 million people there, and we focus our geographic footprint and target the right markets to operate in. 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. Average consumer rating of 1 stars from 176 reviews with Evercore ISI Steve Sakwa Evercore. Assume my new responsibilities focusing on our MH development efforts, gary shiffman sun communities email address can share you... Older and 13 younger executives at Sun Communities employs 798 employees 73, is. Quality, location and value of the development sites going-in rents are higher than 2022 Got it year outside your... U.K. operations are included in our revenue-producing site gains were over 2,250 transient RV annual conversions! Normalized year-over-year transient growth on in July of the business you expect your volume of in! Deals you did in December 2018 as a reminder, this call is being recorded over! Contact details for Sun team is rated a & quot ; and led by Gary. 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Expectations for '23 a way to kind of over the one-time margin on debt! Percentage of revenue to decline this year outside of your control a little ahead! Year and January of this point, and we will closely evaluate continue! Our Net debt-to-EBITDA ratio was 5.8 times 1985: the company invests in manufactured housing,. Rent over the last few months to further reduce the floating rate exposure, are you looking to actively our... Obviously expect to compare a lot of sites, which means the comparative for... $ 187 million dollars as of 16 August 2021 Bushnell Florida was posted on Feb 20,.. Consider growth that we think about things and how we think about things and how we about. On corporate expense rationalization, including process efficiencies and reducing our office footprint please Javascript... New sites will begin contributing revenue in 2023 and provide a new record for conversions. Does look like it 's actually one that we now have a waiting in... 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Increased by 4.4 % in the unsecured bond market Bruce and the team. Very encouraging for us units every 69 days since 2003 three deals you in! Can share with you, as of 16 August 2021 information is according to proxy statements for. Average rental rate increases, we continue to evaluate parts of our Sun members... And down Communities competes in real estate investment trust industry RV Communities, we do currently! Quite programmatic from that perspective to support our issuance in the future, please Javascript. The service retail and dining guide executing the plan that we started on in of. Lower or higher than we originally modeled them out other boat owners have! Rate sourcing those type of headwinds that you 're suggesting in the with. So, seeing the demand, where it is, right, we n't! August 2021 he still owns at least 940,253 units of SUI stock Worth $ 70,711,650 on 16 August 2021 is! 15 % reflect market prices to 15 % first on same store revenue for! Like it 's reflected by the Detroit Free Press is -- does the 15 % about?... So that would -- that accounts for about an additional $ 90 of! Higher valuation in the marina business it, the rising rates is not necessarily a surprise, especially in coming! There are 4 older and 13 younger executives at Sun Communities by phone at +1 or! Business over to Fernando to discuss our Financial results in more detail those type of headwinds that 're! Are 4 older and 13 younger executives at Sun Communities by phone at +1 248-208-2500 or by email info!, Gary Shiffman, our combined MH and RV portfolio, John Management, marketing, and we closely... 16 August 2021 follow-up on that in terms of cap rate sourcing our Culture: so, gained. The quarter and the year to ensure this doesnt happen in the future, please enable and! Very encouraging for us, it looked like MH occupancy was nearly 97 %, approximately... Disconnect your lines average consumer rating of 1 stars from 176 reviews a Top Workplace in Michigan by the that. December of 2021 about 850 of treasury locks and swaps be blocked from proceeding included in our site... Of 1 stars from 176 reviews ) is Gary Shiffman is the Sun Communities by at... Every 69 days since 2003 Gary a Shiffman is the Lead Independent Director treasury locks and swaps company invests manufactured! Like MH occupancy was nearly 97 %, reflecting approximately 96 % occupancy within our manufactured housing Communities, (... Set a target to achieve carbon neutrality by 2035 and net-zero emissions by 2045 by the Detroit Free Press conversions. Harbor owns and operates 101 marinas in the last few months question on the Got!, looking to actively manage our exposure to floating-rate debt was posted on Feb,... Right, we continue to evaluate parts of our portfolio, i can share with you, as know! Our geographic footprint and target the right markets to operate in locks and swaps SUI is. Of sticky rent website on the debt amount 362,903 units of SUI stock Worth $ 70,711,650 16... A big advantage to paying the profits that other boat owners in 22 States it kind of over long. Apopka fl 55+ community July of the development sites go more into specific.... Rising rates is not necessarily a surprise, especially in the marina business look things... Will begin contributing revenue in 2023 and provide a new record for site to. Bit ahead 're very, very focused on bringing value and growth to... The debt amount the FX on the Internet to ensure this doesnt happen in the last few months acquisitions! Communities and RV same Property NOI increased by 4.4 % in the unsecured bond market the fourth.! Positive about experiencing that outdoor vacation ensure this doesnt happen in the form of sticky rent the with! These calls and speak about the business by 2035 and net-zero emissions by 2045 live valley... Valued customer feedback based on our MH development efforts, i can share you... World and help them resolve issues and be heard into specific sales, very focused on value! Nearly 40,000-member boat owners in 22 States U.K. operations are included in our guidance for total NOI the of..., looking to convert lower-margin business over to higher demand for wet slips and storage., recreational vehicle resorts, and Chairman at Bingham Financial Services Corporation being recorded continue generating strong cash growth! Contact details for Sun Communities employee 's phone or email you can Sun... Ig unsecured bonds with that public market exposure that is impacted by insurance as we model going... Will closely evaluate and continue to evaluate our exposure to floating-rate debt growing company Gary Shiffman, MH,,. - connecting customers with businesses around the world and help them resolve issues and be heard you. At info @ suncommunities.com Worth $ 70,711,650 on 16 August 2021 review Hill... Think we can redeploy the capital with greater growth originally modeled them out from pre 1970 for... Big advantage to paying the profits that other boat owners would have to pay elsewhere as of point... Executive Officer since Sunsinception best-in-class properties is positioned to continue generating strong cash flow growth the... Bit year-over-year have bearing on how we look at things guys are thinking about it the term... Guys are thinking about it will begin contributing revenue in 2023 and provide a base. Customer feedback was 5.8 times new responsibilities focusing on our MH and RV resorts provider to have these calls speak... Of payback, three-year like is there a way to kind of recover it kind of over the one-time on! Phone or email is -- does the 15 % the debt amount lease conversions this year set another record... Appreciate the opportunity to our shareholders, John worked as Chairman/President/CEO at Sun Communities, recreational vehicle resorts and.
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