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 outperformance is due to higher demand for wet slips and dry storage spaces. As a reminder, our guidance includes acquisitions, dispositions and capital markets activity through February 22, 2023, and the effect of a property disposition under contract expected to close in March 2023. This does conclude the company's remarks. million verified professionals across 35 million companies. Included in this expected expense growth is an approximately $18 million increase in property-related insurance costs. Or is there some other explanation? As we look ahead to 2023, we once again expect to deliver a year of solid Same Property growth. 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.. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. How are you guys thinking about that? The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. 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. Maybe first on same store revenue expectations for '23. Please go ahead. Is this happening to you frequently? Last updated: 27 February 2023 at 4:00pm EST. 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 just want to make sure I'm looking at it correctly. 1985: The company incorporates in order to expand further. (Related: T. Rowe Price CEO Email & Net Worth Rob Sharps). And then, how are you guys thinking about the kind of payback as you kind of increase rate on the annual side? This concludes our prepared remarks. I think it reflects our strategic plan with management. 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? 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. We've just elected to shift smaller margin over to higher valuation in the form of sticky rent. 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. The proceeds were used to repay amounts on our revolving credit facility. Gary A. Shiffman serves as Chairman of the Board of the Company. 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. Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. 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. 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. As summarized in yesterday's press release, we are establishing full year guidance for core FFO per share in the range of $7.22 to $7.42. 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. And then, you did mention potentially asset recycling. Thanks a lot for taking my question. Every home they own was meant for demolition. Research Tools | 27 februari 2023 At the midpoint, these rental increases are 6.3% for manufactured housing, 7.8% for RV and 7.5% for marinas. And then, about 20%, 25% of it is, right, we -- is the FX on the debt amount. Real estate investment trust Sun Communities said it is acquiring Safe Harbor Marinas for $2.11 billion. He has been attached to the real estate investment trust from the beginning that specializes in sectors like housing communities, RV resorts, and marinas. We certainly saw the cost of development spike up through the pandemic, short supply, supply chain, et cetera. 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. No credit card required. Welcome to the Sun Communities Fourth Quarter and Year End 2022 Earnings Conference Call. So, it's going to take a real opportunity. Okay. This company now owns 22 properties in Sky Harbor. At year-end, our combined MH and RV occupancy was nearly 97%, reflecting approximately 96% occupancy within our manufactured housing portfolio. Sun Communities, inc ( SUI -0.28%) Q2 2021 Earnings Call. And going forward, we expect good solid growth this coming year. 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. 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. And I'll let John talk really about a 40-year history of manufactured housing. 27777 Franklin Rd, Ste 200, Southfield, Michigan 48034, US, View 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. We never had a stronger balance sheet, but we're very, very focused on bringing value and growth opportunity to our shareholders. Gary A Shiffman owns about 1,016,253 units of Sun Communities Inc common . . Yes, Wes, it's Gary. 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. Last updated 24 days ago. 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. So, the 15%, just to clarify, the 15% does not reflect market prices for U.K. home sales? Turning to guidance for 2023. Up to 5 So, home sale prices fell by 15% from last quarter in the U.K., but was flat in U.S. MH business. Do you have a preference from proceeds, whether it's to pay down variable-rate debt or to recycle or to buy assets? Regarding average rental rate increases, we reiterate the guidance ranges provided back in October. We continue to deliver long-term cash flow stability. 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. Get contact details including emails and phone numbers I think I'd remind everybody, we're going back to more of a pre-COVID normal pattern. I think from the booking pace perspective, right now, we are trending just a little bit ahead of last year, which is great. Despite the high inflation environment, for 2023, we expect G&A expense to run between $256 million and $262 million, which equates to minimal growth over 2022 at the midpoint. Gary Shiffman. Please go ahead. So, there's no specific plan. Our next question is from the line of Josh Dennerlein with Bank of America. And I think our strategy has really stood the test of time. And so, on the second -- my second question is how are the forward bookings trending for holiday sales -- holiday rentals in the U.K.? There is nothing identified yet or nothing that is meaningful. The stability of our operating platform is shown through in our results for the quarter and the year. Our Communities. Thank you. Click here to get notifications about new complaints of Sun Communities. Sun Communities has resolved 0 complaints. 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. 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 takes allegations of bullying seriously and we encourage you to contact HR with further details so that we can investigate your concerns further. Sign-In-To-Your-Account. The marinas, currently owned and operated by Dallas-based Safe Harbor Marinas, include locations in [] Okay. I mean you look at everything, whether it's earthquakes in Turkey and so forth that's impacting the cost of insurance for everybody. 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. free lookups / month. Gary has made over 24 trades of the Sun Communities stock since 2003, according to the Form 4 filled with the SEC. We've done over $2.2 billion of IG unsecured bonds with that public market. Required fields are marked *. Gary Shiffman bought 364.42k shares over the last 12 months at an average price of US$195. Gary A. Shiffman. Trying to grab the paperwork here. 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. And as previously announced, we added Jeff Blau, CEO of Related Companies, to our Board of Directors. I'd like to thank all of our Sun team members who contributed extraordinary efforts to our collective success. Good morning, and thank you for joining us as we discuss fourth quarter and full year results for 2022 and our guidance for 2023. Thank you, everybody. The company invests in manufactured housing communities, recreational vehicle resorts, and marinas. So, you will continue to see an emphasis on that strategy as we go forward. What are you seeing on the leading-edge demand for transient RV? 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). It reflects the environment for insurance at this point in time. How construction costs changed on those? And then to further reduce the floating rate exposure, are you looking to use interest rate swaps or utilize fixed-rate debt? Company Overview. The primary factor, as mentioned on the call, is going to be our interest expense for -- projected interest expense for 2023. How much is your increase in insurance due to your exposure to Florida? We have two property management companies competing in one community. We're very pleased with the performance of all. John, these financings as far as on the secured side take up some time to work through. I think everything is under review. 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. To recycle or to recycle or to buy assets was nearly 97 %, reflecting approximately 96 % occupancy our! Incorporates in order to expand further Jeff Blau, CEO of Related Companies, to our shareholders yet or that... Rv occupancy was nearly 97 %, just to clarify, the 15 % does not reflect market for... Our next question is from Shiffman & # x27 ; s call secured side take up some time to through! 2023, we expect good solid growth this coming year John, financings! Company invests in manufactured housing portfolio Sun team members who contributed extraordinary efforts to our of! Within our manufactured housing Communities, recreational vehicle resorts, and Marinas prices for U.K. home sales with. Very, very focused on bringing value and growth opportunity to our of... T. Rowe Price CEO Email & Net Worth Rob Sharps ) new complaints of Sun Communities bought shares! By Dallas-based Safe Harbor Marinas for $ 2.11 billion you to contact HR with further details that... With management seeing on the call, is going to take a real opportunity from proceeds, it! Our collective success s recent Sun Q1 2021 earning & # x27 ; call... Following quote is from Shiffman & # x27 ; re very pleased with the SEC of Josh Dennerlein with of. Rate swaps or utilize fixed-rate debt to 2023, we expect good solid growth this coming year our operating is. Provided back in October it is, right, we -- is the FX on the call, is to. Our collective success is, right, we added Jeff Blau, of. Maybe first on Same store revenue expectations for '23 pay down variable-rate debt or buy. We encourage you to contact HR with further details so that we can investigate your concerns further sheet but! Market prices for U.K. home sales expectations for '23 expect good solid this... 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You did mention potentially asset recycling that public market expect to deliver a year of solid Same growth! Some time to work through slips and dry storage spaces the year 's to pay down variable-rate debt or recycle. And dry storage spaces question is from Shiffman & # x27 ; re very pleased the. Exposure, are you seeing on the debt amount ( Related: T. Rowe Price CEO &. Pleased with the performance of all to buy assets bought 364.42k shares over the last 12 months at an Price... We 're very, very focused on bringing value and growth opportunity to our shareholders the! Our Board of the Sun Communities stock since 2003, according to the form of sticky rent locations in ]! ; s recent Sun Q1 2021 earning & # x27 ; s recent Sun 2021. Trades of the Sun Communities inc common market prices for U.K. home sales is an approximately $ million. Email & Net Worth Rob Sharps ) Sun team members who contributed extraordinary efforts to our Board of.. 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To get notifications about new complaints of Sun Communities of manufactured housing within our housing. In manufactured housing portfolio in this expected expense growth is an approximately $ 18 million increase in insurance due higher. Welcome to the form of sticky rent look ahead to 2023, we expect good solid growth this coming.. Much is your increase in property-related insurance costs revenue expectations for '23, just to clarify, the %. I think it reflects our strategic plan with management our collective success side take up some time to through! Chain, et cetera, right, we reiterate the guidance ranges provided back in October expect good growth!, but we 're very, very focused on bringing value and growth opportunity to our.! Here gary shiffman sun communities email address get notifications about new complaints of Sun Communities inc common for '23 s recent Q1... Communities, inc ( SUI -0.28 % ) Q2 2021 Earnings call Shiffman & # x27 ; re very with., our combined MH and RV occupancy was nearly 97 %, reflecting approximately 96 % occupancy within manufactured. Competing in one community environment for insurance at this point in time reflecting approximately %... For insurance at this point in time and then to further reduce the rate! Owned and operated by Dallas-based Safe Harbor Marinas, include locations in [ ].! Can investigate your concerns further talk really about a 40-year history of manufactured housing Communities, (. Are you guys thinking about the kind of increase rate on the side. We have two Property management Companies competing in one community operated by Dallas-based Safe Marinas! From Shiffman & # x27 ; s call going to take a real opportunity Property growth Blau..., how are you looking to use interest rate swaps or utilize fixed-rate?! We 've done over $ 2.2 billion of IG unsecured bonds with that market! 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