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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 .
- Same-Store Communities - Represents stabilized communities that contribute significantly to rental income and net operating income (NOI) .
- Non-Mature Communities/Other - Includes recently acquired, developed, or redeveloped communities that are not yet stabilized .
| Name | Position | External Roles | Short 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. |
- 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?
- 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?
- 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?
- 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?
- 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?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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 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.