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Posts Tagged ‘gary shiffman’

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

April 25th, 2018 Comments off

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

 

Sun’s Gary Shiffman is talking about it.

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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.)

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Sun Communities Downgraded

October 11th, 2016 Comments off
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Credit: Sun Communities website.

Zacks Investment Research cut shares of Sun Communities Inc. (NYSE:SUI) from a “buy” to “hold” rating in a memo issued to investors on October 5th, according to The Cerbat Gem.

As regular Daily Business News readers already know, Sun owns and operates 338 manufactured home and recreational vehicle communities located in 29 states throughout of the United States and Ontario, Canada. Sun Communities’ portfolio consists of approximately 117,000 developed sites. The firm has one of largest portfolios of Manufactured Home Community owner/operators in the United States.

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Image credit, Zacks.

As was previously covered here, a number of other analysts have also commented on Sun Communities, then also including Zacks which moved Sun from a “hold” to a “buy” rating on July 27th, with an $87.00 price target on the stock:

  • TheStreet lowered Sun Communities from a buy rating to a hold rating in a report on August 26th.
  • Citigroup Inc. lifted their price target on Sun Communities from $70.00 to $80.00 and gave the stock a neutral rating in a report on July 7th.
  • BMO Capital Markets upgraded Sun Communities from a market perform rating to an outperform rating and set a $85.00 price target on the stock in a report on September 16th.

Two analysts have rated the stock with a hold rating and three have given a buy rating to the company.

The company has an average rating of “buy” and a consensus price target of $83.00.

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The Cerbat Gem reports that Sun Communities last posted its earnings results on Tuesday, August 2nd. The real estate investment trust reported $0.85 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.03.

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Credit: Bloomberg.

SunCommunitiesDowngradedbyZacksInvestmentResearchto Holdsunmetricscreditbloomberg-postedtoDalyBusinessNews

Credit: Bloomberg.

manufacturedhomemodelhomeinteriorsuncommunities-manufacturedhousingindustrydailybusinessnewsmhpronewsSun Communities had a return on equity of 8.30% and a net margin of 19.60%. The company had revenue of $140 million for the quarter, compared to analyst estimates of $165.78 million. During the same quarter last year, the company earned $0.87 earnings per share. The company’s revenue for the quarter was up 15.0% on a year-over-year basis. On average, analysts expect that Sun Communities will post $3.76 EPS for the current fiscal year.

More coverage of Sun Communities, including the recent significant investment in the company by Shinko Asset Management Co, can be found here.

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Image credits, Shinko corp website.

Sun is one of the industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews.  For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

Editor’s Note – Other Sun Communities – recent reports – as downloadable resources:

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

 

 

 

Insiders Making News at Patrick Ind. and Sun Communities

July 5th, 2016 Comments off

stock market spelled   with bear money controlIn insider trading, Todd Cleveland, CEO of Patrick Industries, Inc. (NASDAQ:PATK), a component supplier to the manufactured home and recreational vehicle industries, sold 20,000 shares of Patrick common stock at an average price of $59.50 per share for a net transaction of $1,190,715. Currently, Mr. Cleveland owns 405,481 shares of company stock, 2.60 percent of the company’s market cap, according to engelwooddaily.

Of three analysts, two rate it a buy, none rate it a sell, and one says hold of the company based in Elkhart, Indiana. Jeffrey L. Gendel et al, has 11.2 percent of its portfolio in Patrick, or 1.30 million shares, while Rk Capital Management Llc has 3.51% of its portfolio invested in the company for 466,806 shares.

Meanwhile, just north in Michigan and a little bit east, Sun Communities, Inc.’s CEO Gary Shiffman of Southfield, MI sold 21,570 shares of company stock at an average price of $75.71 for a total value of $1,633,064.70. Shiffman now owns 1,348,460 shares with a value of $102,091,906.60, according to com-unik.info.

Several hedge funds have altered their stake in Sun. California State Teachers Retirement System now owns 93,811 shares of Sun stock with a value of $6,429,000, while Strs Ohio acquired 8,834 shares of the company to increase its stake to 104,784 shares valued at $7,180,000

The board of directors of Sun has declared a quarterly dividend of $0.65 per share, payable July 15 to shareholders of record as of June 30,2016.

MHProNews understands Sun Communities (NYSE:SUI) owns a mix of 337 manufactured home and recreational vehicle communities, comprised of117,000 developed sites.

Both Patrick and Sun are covered on MHProNews‘ daily stock report, as seen here. ##

(Image credit: bullmoneycontrol)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver and posted to Daily Business News-MHProNews.

 

Sun Communities Reports Positive Financials for Q2

July 24th, 2014 Comments off

Southfield, Michigan-based Sun Communities, Inc., in it release of 2nd quarter 2014 financials, reports funds from operations (FFO) was $34.7 million, or $0.78 per share, versus $27 million or $0.69 per share for the comparable period in 2013. Net income attributable to common stockholders for the second quarter of 2014 was $4.9 million, or $0.12 per diluted common share, as compared to net income of $1.0 million, or $0.03 per diluted common share, for the second quarter of 2013. As marketwatch.com says, Occupancy rose to 91.0 percent as of June 30, 2014 from 89.2 percent, June 30, 2013; and revenue producing homesites rose by 427 sites as of the end of Q2 2014 as opposed to 494 sites added in the second quarter 2013. Gary A. Shiffman, Chairman and CEO, said, “Our same site NOI growth of 8.5% in the second quarter was powered by the performance of both our manufactured housing and recreational vehicle communities. Same site net operating income grew 7.8% for the quarter in our MH communities driven by a combination of higher than budgeted revenues and lower than forecasted expenses.” MHProNews understands Sun is a real estate investment trust (REIT) that owns a portfolio of manufactured housing and recreational vehicle communities primarily in the eastern U.S. ##

(Image credit: Sun Communities, Inc.)