Click here to send MH news, tips, links, documents, facts
or factory-built housing related news story suggestions.

Home > Analysis and Commentary, Business, Company News, Manufactured Home Communities, Manufactured Homes, Manufactured Housing Industry, People, Stocks, Trends > Gary Shiffman, Chairman and Chief Executive Officer Sun Communities (SUI), Statement$, Video

Gary Shiffman, Chairman and Chief Executive Officer Sun Communities (SUI), Statement$, Video

April 25th, 2018

GaryShiffmanSunCommunitiesChairmanCEOCrainsManufacturedHomeCommunitiesIndustryDailyBusinessNewsMHProNews

Sun Communities (SUI) First Quarter of 2018 performance results are out.

 

Sun’s Gary Shiffman is talking about it.

DeerwoodCaseStudyOrlandoFLStrategicAquisitionsSunCommunitiesSUI-InvestorPage15ManufacturedHomeCommunitiesIndustryDailyBusinessNewsMHProNews600

We started 2018 on a positive pace posting $1.14 in core FFO per share which is at the top end of our guidance range. All cylinders are firing on our operations front and both, our manufactured housing and high RV components driven by outperformance in our rental program and home sales net profit, as well as lower than expected interest expenses,” said Gary Shiffman, Chairman and Chief Executive Officer (CEO) of Sun Communities (SUI), per Seeking Alpha’s investor call transcript.

Same community revenue growth for the quarter was 5.7%. We did experience 6.6% same community expense growth in the quarter, the majority of which related to a one-time reserve increase for certain general liability claims and increased utility usage in the Midwest, Texas and Florida which we attribute to significantly lower temperatures for the period. Demand for the high quality lifestyles Sun delivers remains robust. For the quarter, Sun gained 616 revenue producing sites which included outperformance in RV conversions from transient to annual sites. Home sales volume rose 1.3% to 837 homes in the quarter, driven by an almost 40% increase in new home sales. The bulk of our over 100 new home sales in the quarter were in Florida, Arizona, South Carolina and Texas highlighting the diversification and increased demand throughout the portfolio,” said Shiffman.

SunQ12018BalanceSheetsManufacturedHomeCommunitiesREIT-SUI-DailyBusinessNewsMHProNewsSun – along with other REITs and portfolio operators in the manufactured home community market – have often turned to rentals in recent years.  The return of higher home sales levels is thus a positive signal for detail-minded industry observers, professionals and investors.

In the quarter, we also completed the construction of 246 expansion sites and two manufactured housing communities that will contribute to revenue growth as these sites lease up over the coming quarters. The Company remains on pace to complete construction of approximately 1,350 expansion sites in 16 communities of which 1,000 are in 12 manufactured home communities and 350 are in 4 RV Resorts by the end of 2018. On a final growth front, our ground up developments continue to progress, the construction work at our 332 site Cava Robles RV Resort is nearly complete. The resort is now accepting reservations and is scheduled to open by the end of second quarter. Construction at Carolina Pines are 840 site development at South Carolina began in the first quarter and we expect to complete approximately 470 sites by the second quarter of 2019,” Shiffman said.

The SUI supplemental package is linked here as a download.

A recent look by MHProNews at Sun Communities IR snapshots, is linked below.

Sun Communities Annual Data and Manufactured Housing Industry Investor Presentation Highlights

Shiffman’s 20th Anniversary as Public Company Video

As background color, this video of Shiffman provides some interesting context.  Listen to his facts then, and compare it to the growth in roughly the last 5 years.

Sun is shown as #1 in the latest list of manufactured home communities, for that list, click here or below.

Sun (SUI) is one of the stocks tracked by the Daily Business News evening market recap and data summary.  For last nights numbers, click here.   ## (News, analysis, and commentary.)

(Third party images are provided under fair use guidelines.)

ConfidentialNewsTipsOKTipsIreportMHNews@MHMSM-comGraphic

To report a news tip, click the image above or send an email to iReportMHNewsTips@mhmsm.com – To help us spot your message in our volume of email, please put the words NEWS TIP in the subject line.

1) To sign up in seconds for our MH Industry leading emailed news updates, click here.EmailedMHProNewsHeadlineNewsDailyBusinessNews

2) To provide a News Tips and/or Commentary, click the link to the left. Please note if comments are on-or-off the record, thank you.

3) Marketing, Web, Video, Consulting, Recruiting and Training Resources

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.
Soheyla is a managing member of LifeStyle Factory Homes, LLC, the parent company to MHProNews, and MHLivingNews.com.


Matthew Silver - Reporter at Large
Soheyla Kovach - Support Services
L.A. 'Tony' Kovach - Publisher, Editor and Marketing Director. To submit a news tip, please click here: iReportMHNewsTips@MHMSM.com
Comments are closed.