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UDR (UDR)

UDR, Inc. is a self-administered real estate investment trust (REIT) that specializes in owning, operating, acquiring, renovating, developing, redeveloping, disposing of, and managing multifamily apartment communities across the United States . The company generates revenue primarily from lease revenue, which includes rental payments and pass-through revenue from retail and residential leases, as well as other revenue from services provided to tenants and third parties . UDR's business strategy focuses on diversification across markets, price points, and product types to generate strong total shareholder returns .

  1. Same-Store Communities - Represents stabilized communities that contribute significantly to rental income and net operating income (NOI) .
  2. Non-Mature Communities/Other - Includes recently acquired, developed, or redeveloped communities that are not yet stabilized .

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NamePositionExternal RolesShort Bio

Thomas W. Toomey

ExecutiveBoard

Chairman of the Board and Chief Executive Officer

Trustee and past Global Chair of Urban Land Institute (ULI); Board member of ULI Foundation; Member of The Real Estate Roundtable; Past Chair of Oregon State University Foundation

CEO since 2001, instrumental in repositioning UDR's portfolio, overseeing $22 billion in acquisitions/dispositions and $5 billion in developments, delivering 11% shareholder returns.

View Report →

Joseph D. Fisher

Executive

President, Chief Financial Officer, and Chief Investment Officer

None

President, CFO, and CIO, overseeing financial and investment strategies. No additional details on achievements or external roles provided.

Michael D. Lacy

Executive

Chief Operating Officer

None

Joined UDR in 2006, promoted to COO in 2025. Held various roles including SVP of Operations and VP of Property Operations. Extensive experience in operational strategy.

Clint D. McDonnough

Board

Independent Director

None currently; previously served on boards of Forterra and Orix USA

Director since 2016, former Managing Partner at Ernst & Young LLP. Expertise in accounting, financial literacy, and corporate governance.

Diane M. Morefield

Board

Independent Director

Board member at Copart Inc. and Link Logistics Real Estate

Director since 2020, former CFO of CyrusOne and Strategic Hotels & Resorts. Extensive expertise in real estate, capital markets, and financial literacy.

James D. Klingbeil

Board

Lead Independent Director

Chairman of Klingbeil Capital Management and The Klingbeil Company; Trustee of The Ohio State University; Lifetime member of Urban Land Institute Foundation Board

Director since 1998, brings over 60 years of real estate experience. Former Chairman of UDR's Board (2010-2017).

Kevin C. Nickelberry

Board

Independent Director

Managing Director and Co-Head of Private Equity Co-Investments at GCM Grosvenor

Director since 2022, brings expertise in private equity and investment management. Serves on UDR's Audit and Governance Committees.

Mark R. Patterson

Board

Independent Director

Chair of Americold Realty Trust; Board member at Paramount Group, Inc. and Digital Realty Trust; Senior Advisor to Rockefeller Capital Management; Advisory Director at Investcorp International and Energy Impact Partners

Director since 2014, extensive experience in REITs and corporate governance. Serves on UDR's Compensation Committee.

  1. With elevated new supply impacting some of your markets and concessions beginning to increase, do you believe the challenges ahead are tougher than those you've faced previously, or have you already weathered the worst of the supply impact?
  2. Given your strategy to push renewal lease rate growth higher due to improved retention, how sustainable is this approach, and are you concerned that pushing rates too aggressively could lead to increased turnover in the future?
  3. You've mentioned that occupancy and blended lease rate growth have stabilized after some volatility; is this fluctuation simply normal seasonality, or are there specific market factors causing you concern about leasing trends?
  4. There appears to be a gap in cap rates between higher growth and lower growth markets; can you quantify this delta, and how does it influence your investment decisions across different regions?
  5. Previously, you lagged peers in resident turnover but have recently improved; how confident are you that you can maintain lower turnover compared to peers, and what steps are you taking to ensure this trend continues?

Research analysts who have asked questions during UDR earnings calls.

Alexander Goldfarb

Piper Sandler

4 questions for UDR

Also covers: ALEX, ALX, AVB +25 more

Austin Wurschmidt

KeyBanc Capital Markets Inc.

4 questions for UDR

Also covers: AHR, AIV, AMH +20 more

John Kim

BMO Capital Markets

4 questions for UDR

Also covers: AIV, ALX, ARDX +31 more

Adam Kramer

Morgan Stanley

3 questions for UDR

Also covers: AMH, AVB, CPT +5 more

Haendel St. Juste

Mizuho Financial Group

3 questions for UDR

Also covers: AAT, ADC, AIV +21 more

Linda Tsai

Jefferies

3 questions for UDR

Also covers: ADC, AKR, AMH +20 more

Alex Kalmus

Zelman & Associates

2 questions for UDR

Also covers: AIV, CPT, ESS

Ami Probandt

UBS

2 questions for UDR

Also covers: AVB, CPT, CSR +4 more

Eric Wolfe

Citi

2 questions for UDR

Also covers: AMH, AVB, CPT +13 more

James Feldman

Wells Fargo

2 questions for UDR

Also covers: AMH, ARE, AVB +16 more

Jana Galan

Bank of America

2 questions for UDR

Also covers: ADC, AHH, BXP +19 more

John Pawlowski

Green Street

2 questions for UDR

Also covers: AIV, AMH, AVB +12 more

Julien Blouin

The Goldman Sachs Group, Inc.

2 questions for UDR

Also covers: ALX, AMH, CBRE +11 more

Michael Goldsmith

UBS

2 questions for UDR

Also covers: ADC, AMH, AVB +30 more

Nicholas Yulico

Scotiabank

2 questions for UDR

Also covers: AHR, ALX, AVB +20 more

Richard Anderson

Wedbush Securities

2 questions for UDR

Also covers: AIV, ARE, AVB +22 more

Alexander Kim

Zelman & Associates

1 question for UDR

Also covers: AVB, CPT, EQR +2 more

Alex Kim

Zelman & Associates

1 question for UDR

Also covers: AVB, CPT, EQR +2 more

Ann Chan

Green Street

1 question for UDR

Also covers: AVB, ELME, IRT +1 more

Brad Heffern

RBC Capital Markets

1 question for UDR

Also covers: ADC, AMH, AVB +15 more

Cooper Clark

Wells Fargo

1 question for UDR

Also covers: APLE, AVB, BRX +15 more

Jamie Feldman

Wells Fargo & Company

1 question for UDR

Also covers: AMH, AVB, BRX +16 more

Jeffrey Spector

BofA Securities

1 question for UDR

Also covers: AKR, AMH, AVB +25 more

Joshua Dennerlein

BofA Securities

1 question for UDR

Also covers: AHR, AMH, ARE +18 more

Mason P. Guell

Baird

1 question for UDR

Also covers: CPT, CSR, IRT +1 more

Nicholas Joseph

Citigroup

1 question for UDR

Also covers: AMH, ARE, CUBE +13 more

Nick Joseph

Citigroup Inc.

1 question for UDR

Also covers: AIV, ARE, AVB +8 more

Omotayo Okusanya

Deutsche Bank AG

1 question for UDR

Also covers: AMH, ARE, BDN +40 more

Rich Hightower

Barclays

1 question for UDR

Also covers: ADC, AVB, CPT +11 more

Sanket Agrawal

Evercore ISI

1 question for UDR

Also covers: STAG

Steve Sakwa

Evercore ISI

1 question for UDR

Also covers: ALX, AMH, AVB +31 more
Program DetailsProgram 1
Approval DateJanuary 2008
End Date/DurationN/A
Total additional amount15 million shares
Remaining authorization amount12,027,000 shares
DetailsN/A
YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
2024$290.0 Unsecured Commercial Paper Program5.0 4.9% = (290.0 / 5,865.3) * 100
2025$225.1 Unsecured Working Capital Credit Facility5.7 3.8% = (225.1 / 5,865.3) * 100
2026$356.7 Secured Debt and Medium-Term Notes2.89 6.1% = (356.7 / 5,865.3) * 100
2027$656.9 Term Loan and Medium-Term Notes4.03 11.2% = (656.9 / 5,865.3) * 100
2028$466.5 Secured Debt and Medium-Term Notes3.50 8.0% = (466.5 / 5,865.3) * 100
2029$615.8 Secured Debt and Medium-Term Notes4.27 10.5% = (615.8 / 5,865.3) * 100
2030$830.6 Secured Debt and Medium-Term Notes3.32 14.2% = (830.6 / 5,865.3) * 100
2031$760.9 Secured Debt and Medium-Term Notes3.01 13.0% = (760.9 / 5,865.3) * 100
2032$427.0 Secured Debt and Medium-Term Notes2.10 7.3% = (427.0 / 5,865.3) * 100
2033$650.0 Medium-Term Notes1.90 11.1% = (650.0 / 5,865.3) * 100
2034$600.0 Medium-Term Notes4.95 10.2% = (600.0 / 5,865.3) * 100
NameStart DateEnd DateReason for Change
Ernst & Young LLP1984 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

Residences at Lake Merritt (173-Apartment Community, Oakland, CA)

2024

Acquired for $1.4 million by purchasing the joint venture partner's common equity interest so that the community, rebranded as Residences at Lake Merritt, became wholly owned after being previously consolidated as a VIE; the deal was executed in January 2024.

136-Apartment Home Operating Community (San Francisco, CA)

2023

Acquired through foreclosure in February 2023 after a default on the joint venture’s senior construction loan, with UDR taking title and consolidating the VIE, following the purchase of a $47.2 million unpaid balance on the senior construction loan.

Portfolio of Six Operating Communities (Dallas & Austin, TX)

2023

Completed in August 2023 for approximately $354.6 million, this deal involved 1,753 apartment homes financed through cash, assumption of six mortgage loans (approximately $209.4 million outstanding), and the issuance of 3.6 million OP Units, significantly boosting real estate assets.

To-be-Developed Parcel (Fort Lauderdale, FL)

2022

Acquired for approximately $16.0 million in April 2022, securing 100% ownership of a to-be-developed parcel of land that supports future growth initiatives.

3001 Iowa Avenue Operating Retail Parcels (Riverside, CA)

2022

Completed in June 2022 for about $29.0 million, this acquisition included two operating retail parcels with a combined real estate basis of $15.5 million, increased real estate assets by approximately $28.2 million, and recognized $0.8 million in in-place lease intangibles.

Recent press releases and 8-K filings for UDR.

UDR reports Q2 2025 results and raises full-year guidance
·$UDR
Earnings
Guidance Update
CFO Change
  • Q2 same-store revenue and NOI grew 2.5% and 2.9% YoY, driven by 2.8% blended lease-rate growth, 96.9% occupancy, and 10% income growth from rentable items.
  • FFO per share of $0.64 beat guidance; full-year FFOA per share guidance raised to $2.49–$2.55, up $0.02 at the midpoint.
  • Full-year same-store revenue growth guidance raised to 1.75%–3.25% (midpoint 2.5%) and expense growth midpoint lowered to 3%.
  • Appointed Dave Bragg as CFO and maintained strong liquidity with over $1.1 billion available and only 10% of debt maturing through 2026.
Jul 31, 2025, 11:20 PM
UDR appoints Dave Bragg as CFO
·$UDR
CFO Change
Executive Compensation
Hiring
  • UDR, Inc. named Dave Bragg as Chief Financial Officer, effective July 24, 2025; he succeeds Joe Fisher, who will continue as President and Chief Investment Officer.
  • Mr. Bragg joins from Roots Management Group, bringing over two decades of real estate finance, investment strategy, and capital markets experience, including prior roles as CFO at Roots and Managing Director at Green Street.
  • His initial compensation package includes a $500,000 base salary, $750,000 target annual bonus, $1,000,000 target long-term incentive, plus a $200,000 signing bonus and $2,000,000 equity award vesting over five years.
Jun 23, 2025, 12:00 AM
UDR Inc Reports Q1 2025 Earnings & Performance Results
·$UDR
Earnings
New Projects/Investments
Revenue Acceleration/Inflection
Guidance Update
Dividends
  • UDR Inc reported its Q1 2025 earnings with guidance showing an EPS range of $0.11 to $0.13 and FFO per share between $0.61 and $0.63.
  • The company delivered strong same-store performance with 2.6% revenue growth and 2.8% NOI growth driven by improved occupancy, resident retention, and effective lease pricing strategies.
  • UDR Inc executed active capital deployment, including strategic asset sales generating $211.5 million and targeted development investments, with notable regional momentum on the East Coast.
  • A robust balance sheet was highlighted by over $1 billion in liquidity, low debt maturities, and favorable leverage ratios (debt-to-enterprise value at 27% and net debt-to-EBITDA at 5.7x).
  • The consolidated financials as of March 31, 2025, reported total assets of approximately $10.75B and total liabilities of about $6.36B.
  • The firm reaffirmed full-year same-store revenue growth guidance of 1.25% to 3.25% for 2025.
May 1, 2025, 4:01 PM