Craig Leupold
About Craig A. Leupold
Independent director of Sun Communities, Inc. since 2024; age 62. CEO of GSI Capital Advisors; previously spent 27 years at Green Street Advisors, serving as CEO for the last 12 years. Education: BA, University of California–San Diego; MBA (Finance & Real Estate), Columbia University . The Board has determined he is independent; Board met 18 times in 2024 and all directors attended at least 75% of Board and applicable committee meetings .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Green Street Advisors | CEO (last 12 of 27 years total service) | 27 years; CEO for 12 years | Led strategic direction; oversaw client relationships and interactions |
| Green Street Advisors | Various senior roles prior to CEO | Part of 27-year tenure | Research and leadership in publicly traded real estate securities |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| GSI Capital Advisors | CEO | Current | Investment manager focused on publicly traded real estate securities |
| American Campus Communities, Inc. | Director (prior) | Prior | Board experience in REITs (student housing) |
Board Governance
- Independence: Independent director .
- Board refreshment: Appointed early 2024; re-elected at 2024 annual meeting .
- Attendance: Board met 18 times in 2024; all directors attended at least 75% of Board and committee meetings .
- Executive sessions: Independent directors meet regularly in executive session .
| Governance Item | Details |
|---|---|
| Current Committee Assignments (2024) | Capital Allocation Committee (members: Chair Jeff T. Blau; Craig A. Leupold; Brian M. Hermelin). Meetings held: 5; all members independent . |
| Expected Post-2025 Annual Meeting Assignments | Capital Allocation (Blau Chair; Hermelin; Leupold) and Nominating & Corporate Governance (NCG) Committee (Tonya Allen Chair; Ehlinger; Leupold) . |
| Lead Independent Director | Clunet R. Lewis . |
| Anti-hedging / pledging policies | Hedging prohibited; pledging prohibited unless NCG Committee approves . |
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Fees Earned (cash) | $85,447 | Includes Board and committee cash fees earned in 2024 . |
| Fee Structure (reference) | Audit Chair $30,000; Audit member $25,000; Compensation Chair $22,500; Compensation member $17,500; Capital Allocation Chair $22,500; Capital Allocation member $17,500; NCG Chair $22,500; NCG member $17,500; Lead Independent Director $25,000; Executive Committee member $17,500 . | |
| 2025 Fee Change | Board and committee fees reduced 20% vs. 2024 to align expense with market cap . |
Performance Compensation
| Equity Award | Grant Date | Shares | Grant Fair Value | Vesting / Restrictions | Notes |
|---|---|---|---|---|---|
| Restricted Stock (Director grant) | Feb 28, 2024 | 2,000 | $262,620 | Subject to Restricted Share Right terms; restriction period commences on grant date and does not expire prior to first anniversary of grant under plan rules . | |
| Deferral Election | N/A | — | — | Deferred receipt of granted shares per Non-Employee Directors Deferred Compensation Plan | Mr. Leupold elected to defer receipt of these restricted shares . |
The company’s 2015 Equity Incentive Plan specifies restricted share rights must have a restriction period that does not expire prior to the first anniversary of the grant date; stock appreciation rights/options require exercise price ≥ fair market value and are subject to Rule 16b-3; the plan prohibits repricing without shareholder approval .
Other Directorships & Interlocks
| Item | Detail |
|---|---|
| Current public company boards | None disclosed beyond SUI . |
| Prior public company boards | American Campus Communities, Inc. (prior) . |
| Compensation Committee interlocks | Compensation Committee members in 2024 were Hermelin (Chair), Allen, Blau, Lewis; no interlocks disclosed, and Leupold was not a member . |
Expertise & Qualifications
- Real estate securities and capital markets expertise (Green Street CEO; GSI Capital Advisors CEO) .
- Financial literacy and investor relations experience; MBA in Finance & Real Estate .
- Board and executive leadership experience; prior REIT board service .
- Considered by NCG Committee within matrix of qualifications (capital markets, real estate, governance) .
Equity Ownership
| As-of Date | Beneficial Ownership | % of Outstanding | Vested/Unvested | Pledging/Hedging | Notes |
|---|---|---|---|---|---|
| Mar 10, 2025 | — | <1% | Deferred receipt of 3,600 shares; 2,000 restricted shares shown outstanding at 12/31/2024 | Hedging prohibited; pledging prohibited absent NCG approval | Security ownership table notes deferred 3,600 shares; aggregate restricted shares outstanding at 12/31/2024 were 2,000 . |
| Stock ownership guidelines (directors) | Must hold shares equal to 8x annual Board cash retainer; 5-year compliance window; retain 50% of vested shares until compliant | — | — | — | All non-employee directors were in compliance as of March 10, 2025 . |
Governance Assessment
- Committee fit and effectiveness: Placement on Capital Allocation Committee aligns with his capital markets and REIT securities background; expected addition to NCG Committee enhances board refreshment and governance oversight .
- Independence and attendance: Confirmed independent; Board met 18 times in 2024 with directors meeting minimum attendance thresholds; regular independent sessions underscore governance rigor .
- Director pay alignment: 2025 across-the-board 20% fee reduction signals responsiveness to market cap trends; director equity grants are time-based RS without options; deferral elections further align long-term horizon .
- Ownership alignment: Compliance with stringent 8x retainer ownership guideline for directors; no pledging disclosed for Leupold; anti-hedging policy in place .
- Conflicts and related-party transactions: Proxy lists related-party transactions involving other individuals (office lease, aircraft usage, legal counsel, family transactions) but does not cite Leupold—no related-party exposure flagged for him in 2024 .
- Section 16 compliance: Company states directors/officers timely complied in 2024, except one late Form 4 by CEO; no delinquency noted for Leupold .
Red flags
- None identified specific to Leupold in 2024–2025 disclosures (no related-party transactions, no pledging, no delinquent filings) .
Positive signals
- Strategic committee placement (Capital Allocation; anticipated NCG) .
- Strong governance policies (anti-hedging, clawback, ownership guidelines) and board refreshment where he was part of cohort adding public markets expertise .