Sun Communities Announces Chief Financial Officer Transition

Rhea-AI Summary

Sun Communities (NYSE: SUI) announced that Mark E. Patten will become Chief Financial Officer effective January 5, 2026. He succeeds Fernando Castro-Caratini, who will transition into an advisory role with the company.

Mr. Patten joins from Essential Properties Realty Trust (NYSE: EPRT) and brings more than 35 years of finance experience across REITs and professional services, including prior CFO roles at CTO Realty Growth and Alpine Income Property Trust and a partner role at KPMG.

The company highlighted Patten’s REIT experience and capital markets expertise as supportive of Sun’s strategic and financial priorities; Castro-Caratini will remain to support a smooth transition after nearly a decade at Sun.

Positive

• CFO appointment effective Jan 5, 2026
• New CFO with >35 years REIT and finance experience
• Outgoing CFO to remain in an advisory role for continuity

Negative

• Management change after nearly a decade may create short-term transition risk

Key Figures

CFO effective date January 5, 2026 Start date for incoming CFO Mark E. Patten

Career length more than 35 years Finance leadership experience across REIT and professional services sectors

Market Reality Check

$123.41 Last Close

Volume Volume 1,026,154 is 1.55x the 20-day average of 660,111, indicating elevated interest ahead of the CFO transition. high

Technical Shares at $123.89 are trading below the 200-day MA of $125.85 and about 10.07% below the 52-week high of $137.77, while holding 13.43% above the 52-week low of $109.22.

Peers on Argus

Residential REIT peers showed mixed, mostly modest moves (ESS +0.02%, INVH +1.39%, MAA -0.08%, UDR +0.06%, AMH -0.19%), suggesting SUI’s elevated activity reflects company-specific focus on leadership changes rather than a broad sector move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Oct 29	Q3 2025 earnings	Positive	-2.3%	Strong Q3 Core FFO, NOI growth, full Safe Harbor sale, guidance raised.
Oct 09	Earnings call notice	Neutral	+0.5%	Announced Q3 2025 earnings release date and conference call details.
Sep 19	CEO equity award	Neutral	+0.4%	Inducement equity grant of <b>$1,000,000</b> in stock for incoming CEO.
Sep 03	Dividend announcement	Positive	+2.8%	Declared Q3 2025 dividend of <b>$1.04</b> per share with set pay date.
Jul 30	Q2 2025 earnings	Positive	+6.4%	Strong Q2 results, Safe Harbor sale, capital returns, guidance raised, new CEO.

Pattern Detected

Recent news shows mostly aligned price reactions, with a notable divergence on a positive Q3 2025 earnings report that saw shares decline.

Recent Company History

Over the last six months, Sun Communities has reported multiple earnings updates, portfolio actions, and leadership changes. Q2 and Q3 2025 results highlighted strong Core FFO, North America same-property NOI growth, and completion of the Safe Harbor Marinas sale. The company raised 2025 Core FFO guidance to ranges around $6.51–$6.67 and maintained high occupancy. Governance developments included a new CEO effective October 1, 2025 and an inducement equity award. Today’s CFO transition fits into this broader leadership and capital allocation evolution.

Market Pulse Summary

This announcement highlights a planned CFO transition, with an experienced REIT finance executive joining in early 2026 and the outgoing CFO remaining as an advisor to support continuity. It follows a period of significant strategic activity, including asset sales, guidance updates, and a new CEO. Investors may monitor how the new finance leadership approaches capital allocation, balance sheet management, and communication around operating metrics and distributions in upcoming quarters.

Key Terms

real estate investment trust financial

"a real estate investment trust (“REIT”) that owns and operates..."

A real estate investment trust (REIT) is a company that owns and manages income-producing properties—like apartment buildings, shopping centers, offices, or warehouses—and is required to pass most of its rental income to shareholders as dividends. Think of it as a shared property owner: instead of buying a whole building, investors buy a slice of a portfolio that pays regular income and can offer exposure to property values and rental markets without direct management. REITs matter to investors for predictable income, diversification, and liquidity compared with owning physical real estate.

REIT financial

"a real estate investment trust (“REIT”) that owns and operates..."

A real estate investment trust (REIT) is a company that owns, operates, or finances income-producing real estate, like shopping centers, apartments, or office buildings. For investors, REITs offer a way to invest in real estate without having to buy property directly, often providing regular income through dividends. They function like a mutual fund for real estate, making it easier for people to add property investments to their portfolio.

manufactured housing technical

"has an interest in, manufactured housing ("MH") and recreational vehicle..."

Manufactured housing are homes built in a factory and transported to their site, including single-section and multi-section units that meet national safety and construction standards. For investors, these homes matter because they often cost less than site-built houses and can generate steady rental or resale income, so they behave like a blend of real estate and durable goods — sensitive to interest rates, land availability and local housing demand.

recreational vehicle technical

"manufactured housing ("MH") and recreational vehicle ("RV") communities..."

A recreational vehicle (RV) is a motorhome, camper, or towable trailer equipped for living and travel, combining transportation and temporary housing in one unit. Investors watch RV sales and rental trends because they act like a thermometer for consumer leisure spending and durable-goods demand—rising RV activity can signal strong discretionary income, manufacturing and supply-chain health, and opportunities in financing, parts, and campground services.

Chief Financial Officer financial

"announced the appointment of Mark E. Patten as Chief Financial Officer..."

A Chief Financial Officer (CFO) is the person in charge of a company's money and financial planning. They decide how to spend, save, and invest funds to help the company grow and stay stable. Their role is important because good financial decisions keep the company healthy and successful.

AI-generated analysis. Not financial advice.

Mark E. Patten Appointed Chief Financial Officer, Effective January 5, 2026

Southfield, MI, Dec. 16, 2025 (GLOBE NEWSWIRE) -- Sun Communities, Inc. (NYSE: SUI) (“Sun” or the “Company”), a real estate investment trust (“REIT”) that owns and operates, or has an interest in, manufactured housing ("MH") and recreational vehicle ("RV") communities, today announced the appointment of Mark E. Patten as Chief Financial Officer (“CFO”), effective January 5, 2026. Mr. Patten will succeed Fernando Castro-Caratini, who will transition into an advisory role with the Company.

Mr. Patten joins the Company from Essential Properties Realty Trust, Inc. (NYSE: EPRT), where he serves as Executive Vice President, Chief Financial Officer, and Treasurer. Over the course of his more than 35-year career, he has held senior finance leadership roles across the real estate investment trust (REIT) and professional services sectors, including serving as Chief Financial Officer of CTO Realty Growth, Inc. (NYSE: CTO) and Alpine Income Property Trust, Inc., (NYSE: PINE) and as Senior Vice President and Chief Accounting Officer of CNL Hotels & Resorts, Inc. Mr. Patten was previously a Partner at KPMG. He holds a Bachelor of Science in Accounting from the University of Florida.

“We are delighted to welcome Mark to our leadership team,” said Charles Young, Sun Communities’ Chief Executive Officer. “His REIT experience, financial and capital markets expertise, and proven track record make him an excellent addition as we advance our strategic and financial priorities and focus on driving sustainable growth.”

Mr. Young continued, “Fernando has been instrumental in positioning Sun for long-term success. We are grateful for his contributions and commitment to ensuring a smooth and successful CFO transition.”

Mr. Patten added: “I am excited to join Sun Communities and be a part of the future of this unique and irreplaceable platform. I look forward to working closely with Charles and the management team, helping drive value creation while supporting our team members, shareholders, and partners.”

Mr. Castro-Caratini commented: “It has been a privilege to work alongside this tremendous team as Chief Financial Officer of Sun Communities. After almost a decade at the company and having made significant progress on our strategy and balance sheet, this feels like the appropriate time to step aside. I am incredibly proud of what we accomplished together and look forward to supporting the business while working alongside Mark and the team to ensure continuity.”

About Sun Communities, Inc.

Sun Communities, Inc. is a REIT that, as of September 30, 2025, owned, operated, or had an interest in a portfolio of 501 developed properties comprising approximately 174,680 developed sites in the United States, Canada, and the United Kingdom.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains various "forward-looking statements" within the meaning of the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Company intends that such forward-looking statements will be subject to the safe harbors created thereby. For this purpose, any statements contained in this press release that relate to expectations, beliefs, projections, future plans and strategies, trends or prospective events or developments and similar expressions concerning matters that are not historical facts are deemed to be forward-looking statements. Words such as “forecasts,” “intend,” “goal,” “estimate,” “expect,” “project,” “projections,” “plans,” “predicts,” “potential,” “seeks,” “anticipates,” “should,” “could,” “may,” “will,” “designed to,” “foreseeable future,” “believe,” “scheduled,” "guidance", "target" and similar expressions are intended to identify forward-looking statements, although not all forward looking statements contain these words. These forward-looking statements reflect the Company’s current views with respect to future events and financial performance, but involve known and unknown risks, uncertainties and other factors, both general and specific to the matters discussed in or incorporated herein, some of which are beyond the Company’s control. These risks, uncertainties and other factors may cause the Company’s actual results to be materially different from any future results expressed or implied by such forward-looking statements. Details of potential risks that may affect the Company are described in the Company’s periodic reports filed with the U.S. Securities and Exchange Commission, including in the “Risk Factors” section of the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements included or incorporated by reference into this document, whether as a result of new information, future events, changes in the Company's expectations or otherwise, except as required by law.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. All written and oral forward-looking statements attributable to the Company or persons acting on the Company's behalf are qualified in their entirety by these cautionary statements.

For Further Information at the Company:

Fernando Castro-Caratini
Chief Financial Officer
(248) 208-2500
www.suninc.com

FAQ

Who is the new CFO of Sun Communities (SUI) and when does he start?

Mark E. Patten will become CFO of Sun Communities (SUI) effective January 5, 2026.

What role will Fernando Castro-Caratini hold after the SUI CFO transition?

Fernando Castro-Caratini will transition into an advisory role with Sun Communities following the change.

What is Mark Patten's background before joining Sun Communities (SUI)?

He joins from Essential Properties Realty Trust (NYSE: EPRT) and has held CFO roles at CTO Realty Growth and Alpine Income Property Trust and was a partner at KPMG.

How much industry experience does Sun Communities' new CFO have?

Mark Patten has more than 35 years of finance and REIT-related experience.

Will the SUI CFO change include a transition period or continuity plan?

Yes; the outgoing CFO will remain in an advisory role to help ensure a smooth transition.