NYSE: SUI SUN COMMUNITIES INC 8-K

Sun Communities appoints Robert Garechana as CFO effective Sept 8, succeeding Castro-Caratini

Filed August 25, 2026 · Period ending August 24, 2026 · ~1 min read

Key Changes

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Robert Garechana joins as CFO, Executive VP, and Treasurer on September 8, 2026, succeeding Fernando Castro-Caratini who transitions to an advisory role through October 31, 2026.

Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR →
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Garechana brings over 20 years of REIT finance experience from Equity Residential, where he served as Chief Investment Officer (2025-2026) and CFO (2018-2025).

Exhibit 99.1 view on EDGAR →
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Compensation package includes $625,000 base salary, 150% target bonus ($937,500), and a $2.5 million restricted stock grant (30% time-vesting over three years, 70% performance-vesting).

Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR →
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Employment agreement includes severance of 1.5x base salary plus target bonus if terminated without cause or resignation for good reason; change-in-control provisions provide 2x multiplier.

Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR →

Summary

Sun Communities is executing a planned CFO transition, with Robert Garechana joining as Chief Financial Officer, Executive Vice President, and Treasurer on September 8, 2026. He succeeds Fernando Castro-Caratini, who will remain in an advisory capacity through October 31, 2026.

Garechana brings substantial REIT finance credentials from Equity Residential, where he most recently served as Chief Investment Officer and previously held the CFO role for seven years (2018-2025). His background spans capital markets, treasury, and investment committee work across more than two decades in the sector.

The compensation structure is competitive for a REIT CFO role: $625,000 base salary with a 150% target bonus and a $2.5 million equity grant split between time-vesting (30%) and performance-vesting (70%) components. The employment agreement includes standard severance and change-in-control provisions. For retail holders, this is a routine executive succession with an experienced hire from a peer REIT. The orderly transition timeline and Castro-Caratini's advisory period suggest continuity in financial strategy and reporting.

Section-by-Section Diff

Event · Exhibit 99.1

~1,100 words View exhibit on EDGAR ↗

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Robert A. (“Bob”) Garechana will join the Company as Executive Vice President and Chief Financial Officer (“CFO”), effective September 8, 2026, succeeding Fernando Castro-Caratini, who will transition to an advisory role with the company.

Sun Communities is appointing Robert A. Garechana as Executive Vice President and Chief Financial Officer effective September 8, 2026. He succeeds Fernando Castro-Caratini, who will move to an advisory role. Garechana joins from Equity Residential where he served as Chief Investment Officer since 2025 and previously as CFO from September 2018 to 2025.

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Added in current filing · view on EDGAR →

Mr. Garechana brings over two decades of REIT finance experience to Sun, joining from multifamily REIT Equity Residential (NYSE: EQR), where he served as Executive Vice President and Chief Investment Officer since 2025. He was Equity Residential’s Chief Financial Officer and a member of the Company’s Executive and Investment committees from September 2018 to 2025. Prior to that, he served as EQR’s Treasurer from 2008 to 2018, holding roles of increasing responsibility across the finance organization since joining EQR in 2004.

The new CFO brings over 20 years of REIT finance experience from Equity Residential, where he held senior roles including CFO and Chief Investment Officer. His background includes extensive capital markets and treasury experience, which the CEO indicates will support disciplined capital allocation, operational optimization, and financial system improvements.

Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation

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Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.

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If Mr. Garechana is terminated by the Company without cause or resigns for good reason (each as defined in the Garechana Agreement) or if he dies or becomes disabled, (i) he will receive severance payments equal to 1.5 times the sum of his then-current base salary and then-current target bonus amount (or, in the case of death or disability, 1.5 times his then-current base salary, less the value of certain previously paid disability benefits); (ii) all his time-vesting equity awards granted by the Company will become fully vested

Garechana's employment agreement includes severance provisions: if terminated without cause or if he resigns for good reason, he receives 1.5 times base salary plus target bonus, full vesting of time-based equity, and up to 18 months of healthcare premium payments. The agreement has a five-year initial term with automatic one-year renewals and includes an 18-month non-compete provision.

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Added in current filing · verify on EDGAR →

If there is a change in control (as defined in the Garechana Agreement) of the Company and within 60 days before or 24 months after the date of the change in control either the Company or its successor terminate the Garechana Agreement without cause or Mr. Garechana terminates his employment for good reason, (i) he will receive a change in control payment equal to two times the sum of his then-current base salary and then-current target bonus amount; (ii) all his time-vesting equity awards granted by the Company will become fully vested; (iii) the performance-based vesting conditions applicable to his performance-vesting equity awards granted by the Company shall be deemed met at the greater of the target or actual level of performance and vest in accordance with such deemed level of performance

In a change-in-control scenario, if Garechana is terminated without cause or resigns for good reason within 60 days before or 24 months after the event, he receives two times base salary plus target bonus, full vesting of time-based equity, and performance equity vesting at the greater of target or actual performance levels, plus up to 24 months of healthcare coverage.

Event · Item 7.01 — Regulation FD Disclosure

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Sun Communities announced a leadership succession with Mr. Garechana appointed to succeed Mr. Castro-Caratini.

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On August 25, 2026, the Company issued a press release regarding Mr. Garechana’s appointment and succession of Mr. Castro-Caratini

Sun Communities disclosed a leadership transition where Mr. Garechana will succeed Mr. Castro-Caratini. The 8-K references a press release (Exhibit 99.1) for details but does not specify the roles involved or effective dates in the body text.