Charles Young
About Charles D. Young
Charles D. Young (age 56) became CEO and a director of Sun Communities effective October 1, 2025, after serving as President and prior COO of Invitation Homes; earlier roles include senior posts at Starwood Waypoint Homes, Mesa Development, and Goldman Sachs. He holds a BA in Economics and an MBA from Stanford, sits on Floor & Decor’s board, and serves on Stanford’s Board of Trustees . Company performance context heading into his tenure: 2024 Core FFO/share was $6.81 with combined Same Property NOI growth of 4.3%, and 10‑year TSR stood at 168.9% as of 12/31/24 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Invitation Homes (NYSE: INVH) | President; previously EVP & COO | President since Mar-2023; COO through Feb-2025 | Ran large-scale SFR operations and growth platform ahead of joining SUI . |
| Starwood Waypoint Homes / Waypoint Real Estate Group | Senior executive roles | Prior to INVH | Built operating and integration expertise in scaled residential REIT platforms . |
| Mesa Development | Executive roles | Prior to Starwood Waypoint | Development/investment experience . |
| Goldman, Sachs & Co. | Real estate principal investment and M&A | Early career | Transactions and capital markets grounding . |
| NFL / World League | Professional athlete | Early career | Leadership and team execution experience . |
External Roles
| Organization | Role/Committee | Years | Notes |
|---|---|---|---|
| Floor & Decor (NYSE: FND) | Director; Nominating & Corporate Governance Committee | Current | Active public company directorship . |
| Stanford University | Board of Trustees | Current | Governance at major academic institution . |
Fixed Compensation
| Component | Term/Amount | Key Terms |
|---|---|---|
| Base Salary | $900,000 per year | Reviewed annually; not reduced without consent . |
| 2025 Cash Bonus (prorated) | Not less than target (200% of base, prorated from start) | Guaranteed minimum for 2025 only; paid by Mar 15, 2026 . |
| Sign-on Cash | $750,000 (paid at start) | Subject to standard tax withholding . |
| Relocation Bonus | $300,000 (paid at start) | Pro-rata clawback if terminated for Cause or resigns without Good Reason within 1 year . |
| Benefits | Health, life, dental, vision; 401(k) eligibility | In line with senior executives . |
| Arbitration/Location | HQ Southfield, MI; arbitration provision | Full-time presence expected; AAA employment rules . |
Performance Compensation
- Annual bonus: Target 200% of base salary; metrics set by the Compensation Committee (individual and company performance); 2025 bonus at least target on a prorated basis .
- Equity architecture and metrics: SUI’s performance-vested equity is based 100% on relative TSR vs MSCI U.S. REIT Index, with target at the 55th percentile and an absolute TSR cap at target if absolute TSR is negative . Mr. Young’s 2025 performance grant is aligned to the same market-TSR framework used for other executives .
| Award/Metric | Weighting | Target/Curve | Payout Modifiers | Vesting |
|---|---|---|---|---|
| Annual cash bonus | 100% | Committee-set (company and individual goals) | Committee discretion | Paid the following year . |
| 2025 Performance RS | 100% TSR vs MSCI U.S. REIT | Target at 55th percentile; threshold/maximum per plan | Absolute TSR cap at target if negative | 3-year performance period; vests after performance . |
| 2026 Equity Award | 60% performance / 40% time | Same TSR design for performance portion | Absolute TSR modifier applies | Committee to finalize terms; standard vesting . |
Equity Ownership & Alignment
- Issued/vested at appointment: 7,782 shares vested on 10/1/2025 as an inducement grant .
- Restricted equity granted at appointment: 58,754 restricted shares on 10/1/2025, of which 31,128 time-vest in equal annual installments over 4 years and 27,626 are performance-vested after three years; plus the 7,782 fully vested inducement shares .
| Grant | Shares / Value | Vesting | Notes |
|---|---|---|---|
| Inducement common stock | 7,782 shares | Fully vested 10/1/2025 | Outside plan under NYSE Rule 303A.08 . |
| Time-vested RS (sign-on retention) | 31,128 shares | 25% per year over 4 years from 10/1/2025 | Part of 58,754 total restricted shares . |
| Performance-vested RS | 27,626 shares | Vests after 3-year performance period | Tied to SUI TSR criteria . |
| Additional 2025 performance grant (value) | Target $3.55M | 3-year performance period | Under 2015 Plan, same TSR design as other NEOs . |
Alignment policies:
- Stock ownership guidelines: CEO 6x base salary; five-year compliance window; 50% retention until met .
- Clawback: Executive Compensation Recovery Policy applies to incentive compensation .
- Anti-hedging; pledging prohibited absent NCG approval .
No related-party transactions and no Item 404(a) transactions reported for Mr. Young .
Employment Terms
| Term | Provision |
|---|---|
| Employment Term | 5 years from 10/1/2025; auto-renews annually unless notice given . |
| Board Service | Director effective 10/1/2025; appointed to Executive Committee . |
| Non-Compete | 24 months post-termination; prohibits competitive activity in MH/RV and related scope across U.S. and any SUI geographies; limited investment carve-outs . |
| Non-Solicitation | Covers customers and employees through non-compete period; general solicitations permitted . |
| Severance (no-Cause/Good Reason) | 2x (base + target bonus) paid over 24 months; time-based awards (≥2026) vest; pre-2026 awards (time/perf) vest at target; performance awards ≥2026 per award terms but not less than target for 2026 Award; up to 1 year of health benefits; release required . |
| Death/Disability | Similar equity vesting (target) and 2x base less program benefits; release applies . |
| Change-in-Control (double-trigger) | 2.99x (base + target bonus); equity treatment as above; up to 1 year health benefits; best‑net cutback (no excise tax gross‑up) . |
| Clawback/Arbitration | Clawback applies; mandatory AAA arbitration (Southfield, MI) except injunctive relief . |
Board Governance and Dual-Role Implications
- Role on SUI board: Director effective October 1, 2025; appointed to the Executive Committee; as CEO he is a non‑independent director .
- Chair/CEO separation: Upon Mr. Shiffman’s retirement as CEO, SUI separated roles, with Shiffman becoming Non-Executive Chairman and Young serving as CEO, addressing prior concentration of authority concerns flagged in governance discussions .
- Board independence remains strong (89% independent as of 1/1/2025) and stock-ownership, anti-hedging, and clawback policies are in place .
Investment Implications
- Alignment and retention: Large multi-year RSU/PSU package (with TSR-based hurdles) plus a 24‑month non-compete and double‑trigger CIC at 2.99x promote retention and long-term alignment; the 2025 guaranteed bonus is a one-time integration bridge rather than a recurring guarantee .
- Vesting/selling dynamics: 7,782 inducement shares vested at start, with additional time-based shares vesting annually; potential periodic selling pressure around vest dates is modest relative to SUI float .
- Pay-for-performance: Equity tied to relative TSR (target at 55th percentile) and absolute TSR cap is shareholder-friendly; consistent with SUI’s NEO framework and historically high say‑on‑pay support (92% in 2024) .
- Governance: Separation of Chair/CEO and a seasoned CEO with scaled rental housing experience should support execution on SUI’s MH/RV core focus and deleveraging agenda after the Safe Harbor divestiture .
Key 2024 operating context (pre‑Young tenure): Core FFO/share $6.81; combined Same Property NOI +4.3%; 10‑year TSR 168.9% .
Appendix: Key Grants and Awards (detail)
| Date | Instrument | Shares/Value | Terms |
|---|---|---|---|
| 10/1/2025 | Inducement common stock | 7,782 | Fully vested at grant, as employment inducement (NYSE 303A.08) . |
| 10/1/2025 | Restricted stock (time-based) | 31,128 | Vests in 4 equal annual installments from 10/1/2025 . |
| 10/1/2025 | Restricted stock (performance) | 27,626 | 3-year performance vesting; TSR-based . |
| 10/1/2025 | 2025 Performance grant (target) | $3.55M value | TSR vs MSCI U.S. REIT; 3-year performance . |
| 2026 cycle | Annual equity (target) | $6.0M value | 60% performance / 40% time; standard plan terms . |
Citations:
- Charles D. Young appointment, background, board and compensation terms: .
- Employment Agreement details (salary, bonuses, sign-on, relocation, benefits, severance, CIC, non-compete, arbitration): .
- Actual shares issued/vested at start: .
- Governance policies (ownership guidelines, anti-hedging/pledging, clawback) and executive equity design (TSR framework): .
- Company performance context (Core FFO, NOI, TSR): .
- Safe Harbor sale and transaction bonuses context: .