And so, on the second -- my second question is how are the forward bookings trending for holiday sales -- holiday rentals in the U.K.? 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. And a Car. 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. . The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. We relocated as many people as possible to other properties, including our team members in the area. Hey, guys. Up to 5 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. (business & personal). 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. Find contact information for Sun Communities. That is an increase of about 300 basis points over 2022. The primary factor, as mentioned on the call, is going to be our interest expense for -- projected interest expense for 2023. The following quote is from Shiffman's recent Sun Q1 2021 earning's call. 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. 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. Next, we'll consider growth that. But if you look out into the whole year, we're a little bit ahead in total booking pace, meaning bookings that have actually happened at this point in time versus where we were last year. Yes, we are seeing positive strength there. All-Age Communities; Active 55+ Communities. Executive Summary. 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 oldest executive at Sun Communities, Inc. is ClunetLewis, 73, who is the Lead Independent Director. How construction costs changed on those? Full year weighted average rental rates increased 5.4%, driving a 24% increase in home revenues. No credit card required. Thank you. Yes, Wes, it's Gary. 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. I will add that we did speak to them the other day. {{ userNotificationState.getAlertCount('bell') }}. Gary A. Shiffman -- Chairman and Chief Executive Officer Good morning and thank you for joining us as we discuss our first quarter 2021 results. And certainly, in the U.K. as the second vacation home, an alternative to more expensive vacationing in the U.K. Got it. I think from the booking pace perspective, right now, we are trending just a little bit ahead of last year, which is great. Sun Communities, Inc. is a REIT that, as of October 30, 2020, when it completed its acquisition of Safe Harbor Marinas, LLC, owned, operated, or had an interest in a portfolio of 532 properties . Mr. Shiffman is an executive officer and a director of SHS and all of our other corporate subsidiaries. As I assume my new responsibilities focusing on our MH development efforts, I look forward to supporting Bruce and the entire team. As of 2022, Sun Communitiess net worth stands at 20-24 billion USD. Gary A. Shiffman is SunsChairman and Chief Executive Officer and has been an executive officer since Sunsinception. 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. Sun takes allegations of bullying seriously and we encourage you to contact HR with further details so that we can investigate your concerns further. Importantly, we expect our G&A as a percentage of revenue to decline this year. Good morning, ladies and gentlemen, and thank you for standing by. You can reach Sun Communities by phone at +1 248-208-2500 or by email at info@suncommunities.com. Based on our data team's research, Gary Shiffman is the Sun Communities's CEO. Your email address will not be published. There's over 100 million people there, and we focus our geographic footprint and target the right markets to operate in. 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? Good morning, and thank you for joining us as we discuss fourth quarter and full year results for 2022 and our guidance for 2023. 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. 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. Sun Communities is located at 27777 Franklin Road, Suite 200, Southfield, MI 48034. So, your math as far as the headwind from an expense growth perspective tracks. Total Compensation for Fiscal Year Ending in 2021: $ . Sun Communities has resolved 0 complaints. (business & personal). 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. 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. Voor het kwartaal verwachtte het. Het koersdoel wordt verlaagd van 166 naar 161 USD. Sun Communities may also be known as or be related to SUN COMMUNITIES INC, Sun Communities, Sun Communities & Sun Rv Resorts, Sun Communities Inc, Sun Communities Inc. and Sun Communities, Inc. 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. Because you obviously expect to compare a lot of sites, which means the comparative pool for transient is going to be much lower. CFO at Sun Communities Southfield, Michigan, United States. Please disable your ad-blocker and refresh. Sun Communities is a publicly traded real estate investment trust that invests in manufactured housing communities, recreational vehicle resorts, and marinas. Insider Trading History of Gary A Shiffman . Our guidance assumes we increase revenue-producing sites by 2,800 to 3,100 sites in 2023. 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. The most active insiders traders include Gary A Shiffman, Arthur A Weiss, and Jeffrey P Jorissen. 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. During 2022, we delivered 2,000 new expansion and greenfield development sites in North America, which was at the high end of our guidance. Appreciate the color, Gary. 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. Lorem ipsum dolor sit amet consectetur adipisicing elit. Like is there a way to kind of recover it kind of over the long term? This does conclude the company's remarks. Similar Profiles. And when we talk about passing on guests at our cost, it's not just the cost we buy it at the pumper truck, but it's the cost associated with delivering it. I think it reflects our strategic plan with management. Thank you. What were they on the marina side, Fernando? free lookups / month. Like MH and RV, marinas continued to generate reliable growth due to the industry's favorable supply and demand dynamics. That is on a base of approximately 7.5% to 8% fewer site nights. Up to 5 I'll address the marine part, and you can talk about the rest of the portfolio, John. 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. 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. We were expecting about a 90-basis point increase year-over-year in revenue from transient RV. And while these aren't loss leaders, we are passing off gas, fuel at our cost to attract members. I think that we don't typically provide guidance towards acquisitions and, of course, capital marketplace activities. Our strategic approach has delivered an attractive balance of a reliable organic growth and strong FFO per share increases. Our Culture: Thank you very much. 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. His association with Sun Communities goes back to its inception. So, as we model out going forward, our going-in rents are higher than we originally modeled them out. Thanks. 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. 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Welcome to the Sun Communities Fourth Quarter and Year End 2022 Earnings Conference Call. Hi, Michael. He is a member of our Executive Committee. They are all complete wrecks mostly from pre 1970. Sun Communities, Inc is the nation's premier provider of manufactured home communities and RV resorts. So, like Gary said, the demand continues to be very strong, so much so that we -- I think we shared before that we've built out almost 700 expansion sites over the course finishing in 2022, that all sold up in 2022, and look to expand another 500 going into the season this year, which will be filled up by the end of 2023. So strategically, we do have to think about the cost return proposition in that state as we do everywhere. . Company Overview. 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. Average price was about $196,000. So, you will continue to see an emphasis on that strategy as we go forward. free lookups / month. We certainly saw the cost of development spike up through the pandemic, short supply, supply chain, et cetera. She joined us in 1998 as a Director of . As a reminder, this call is being recorded. Image source: The Motley Fool. And more so a question on how we should think about modeling this line item going forward. Search Search. 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. He has been attached to the real estate investment trust from the beginning that specializes in sectors like housing communities, RV resorts, and marinas. 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 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? Career & Education - Company, University, & College Gary attended Michigan State University. Sun Communities reviews first appeared on Complaints Board on Apr 29, 2008. Like, obviously, like insurance jumped up a lot this year outside of your control a little bit. 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. So, ex that drag, is the expense growth 6% to 7% and matching kind of like the top-line growth? Our next question is from the line of Robyn Luu with Green Street. He has been actively involved in the management, acquisition, construction and development of manufactured housing communities and has developed an extensive network of industry relationships over the past thirty years. Is that seasonal? 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