Thanks a lot for taking my question. So, we have a stringent policy there. 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. No credit card required. We have begun to see it decline. Thank you. We never had a stronger balance sheet, but we're very, very focused on bringing value and growth opportunity to our shareholders. The CEO of Sun Communities is Gary Shiffman. GARY A. SHIFFMAN, agent; GARY SHIFFMAN, director; JOHN B MCLAREN, president; KAREN J DEARING, treasurer; KAREN J DEARING, secretary [Operator Instructions] Our first question is from the line of Michael Goldsmith with UBS. We maintain a solid relationship with our resident base, which is also our sales force. Currently, we've adjusted our returns to low double digit, in part because of the large rental increases as a reflection of CPI and inflation. Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? Search over 700 And then, my second question is just on the flow-through of the NOI growth. Gary Shiffman bought 364.42k shares over the last 12 months at an average price of US$195. 10 free leads on us . 35 Ratings. Get contact details including emails and phone numbers He has overseen the acquisition, rezoning, development, expansion and marketing of numerous manufactured home communities, as well as recreational vehicle communities. There are 4 older and 13 younger executives at Sun Communities. Are you now, or have you ever been a victim of domestic violence? ComplaintsBoard.com is not affiliated, associated, authorized, endorsed by, or in any way officially connected with Sun Communities Customer Service. 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. Total Compensation for Fiscal Year Ending in 2021: $ . Development is in Sun's DNA. Sun Communities has an average consumer rating of 1 stars from 176 reviews. 4.9% growth in revenues reflected a 5% increase in weighted average monthly rent and a 180-basis point occupancy gain. You called out $18 million increase in property-related insurance. No credit card required. Sign up for a free account. We look forward to our next call and certainly invite anyone to reach out to Fernando and his team with any follow-up questions. RBC Capital Markets is positief over het aandeel met een koopadvies. We've discussed the fact that cost of capital is such that we have sharpened our pencil razor thin. We and our stakeholders have benefited from the compelling supply and demand dynamics that underpin manufactured housing, RV communities and marinas. Featured: Microsoft CEO Bio- Satya Nadella Net Worth, Age, Career, & More! We were expecting about a 90-basis point increase year-over-year in revenue from transient RV. Trying to grab the paperwork here. Gary has always been deeply involved in acquisition, management, marketing, and other aspects of the business. Is that the main reason the service retail dining and entertainment NOI is declining year-over-year? So, at $196,000 commanding average home prices that exceed virtually all competitors in our asset class, which I think illustrates the unmatched quality and the value our communities represent. As a reminder, this call is being recorded. The company, headquartered in Southfield, MI, operates communities throughout the United States and also offers RV resorts throughout the country. Competitors. So, the 15%, just to clarify, the 15% does not reflect market prices for U.K. home sales? 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 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. Like is it a two-year kind of payback, three-year? Safe Harbor's operating team, led by Baxter . They're actually trending a little bit ahead of this past year, which of course, as we shared before, is great because that is the feeder for more holiday home sales and more rent paying sites. Thank you. Please go ahead. 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. And so, our expectation is a more normalized year-over-year transient growth. Certainly with the headwinds of interest rates today, that is one big focus, Wes. I think the past channel checks we've done, there's concern for a while that outsized pricing power is eventually going to deteriorate because it's going to break boat owners. I will add that we did speak to them the other day. We're very pleased with our 2022 achievements. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. Reagan Haynes. (Podcast), Chairman/President/CEO, Sun Communities Inc. And then, you did mention potentially asset recycling. Use this comments board to leave complaints and reviews about Sun Communities. 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. Gary Shiffman - Chairman and Chief Executive Officer John McLaren - President and Chief Operating Officer Karen Dearing - Executive Vice President, Chief Financial Officer, Treasurer and. On a run rate trailing 12-month basis, our net debt-to-EBITDA ratio was 5.8 times. 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. 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. 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. 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. Our next question is from the line of Wes Golladay with Baird. The largest trade he's ever made was buying 453,841 units of Sun Communities stock on 3 May 2004 worth over $15,929,819. 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. 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. . 5.8% increase in expenses was primarily related to turnover costs in our rental program, as one consequence of the pandemic was lengthened average stay and therefore, higher related refurbishment costs. How much is the insurance as a percentage of operating percentage? Reason #1 to Attend: Learn. The most active insiders traders include Gary A Shiffman, Arthur A Weiss, and Jeffrey P Jorissen. Sun Communities, Inc. is an owner, operator and developer of manufactured housing communities. And third, of course, is that difficult economies often turn up opportunities, and we are looking at a number of opportunities from all of the different platforms. Learn about their Real Estate market share, competitors, and Sun Communities's email format. This concludes our prepared remarks. He is a member of our Executive Committee. But I think when we talk about supply/demand, we talk about over 11 million vessels registered for 800,000, 900,000 wet and dry slips. So, as we model out going forward, our going-in rents are higher than we originally modeled them out. Regarding average rental rate increases, we reiterate the guidance ranges provided back in October. In light of current market conditions, we have shown discipline with regard to our approach to capital allocation, and we'll continue to do so going forward. A follow-up question on insurance. Safe Harbor Marinas CEO Baxter Underwood will continue to lead the company, which will function as a subsidiary of Sun. Where This Score Ranks Sun Communities' CEO Rating BOTTOM 35% In the Bottom 35% of 2023 Similar Sized Companies on Comparably 2nd We always appreciate the opportunity to have these calls and speak about the business. At the midpoint, we were expecting 7.5% for this year. New home sales are up. Caucasian employees are most confident in their Executive Team. (Suggested: Healthpeak Properties CEO Email & Net Worth Tom Herzog). Within our MH and RV portfolio, we gained over 2,900 revenue-producing sites for the year. Our next question is from the line of Anthony Powell with Barclays. 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. Mr Shiffman is currently Chairman and Chief Executive Officer of Sun Communities, Inc. (NYSE:SUI) Mr Shiffman has . Jul 27, 2021, 11:00 a.m. So yes, that does factor into our toolbox. 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. Get Contact Info for All Departments Sun Communities Org Chart Gary Shiffman 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. Required fields are marked *. Total portfolio occupancy of 96.8% includes newly delivered development and expansion sites. We also did swap 400 million of our pound sterling term loan in the U.K. Image source: The Motley Fool. It reflects the environment for insurance at this point in time. 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. In January of this year, we issued $400 million of 10-year senior unsecured notes, which benefited from $250 million of treasury locks and used those proceeds to further reduce our line of credit balance. Hey, guys. Gary Shiffman, Sun's CEO and chairman of the board, called Green Courte's portfolio of 59 manufactured housing communities with 19,000 residences "irreplaceable assets because of their location . 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. And so, gary shiffman sun communities email address we model out going forward, our Net debt-to-EBITDA ratio was times. Underwood will continue to lead the company, which will function as a subsidiary of.... Anyone to reach out to Fernando and his team with any follow-up questions 364.42k shares over the last months! 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