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DENVER - Multifamily real estate investment trust UDR, Inc. (NYSE:UDR), a $13.13 billion market cap company with a notable 4.77% dividend yield, announced the appointment of Richard "Ric" B. Clark to its Board of Directors, effective October 3, according to a company press release.
Clark joins as an independent director and will serve on the Nominating and Governance Committee and the Audit and Risk Management Committee. His appointment expands UDR’s board to nine members, following the departure of two long-tenured directors earlier in 2025. According to InvestingPro data, UDR maintains a Fair financial health score, with particularly strong metrics in cash flow management and profitability.
Clark brings over four decades of real estate investment and capital markets experience to the position. From 1984 to 2021, he held various senior leadership roles at Brookfield Corporation and its predecessors, including Chairman and Chief Executive Officer of Brookfield Property Group, Brookfield Property Partners, and Brookfield Office Properties.
During his tenure at Brookfield, the real estate group expanded its assets under management from $5 billion to more than $200 billion and diversified beyond the office sector into multifamily, industrial, hotel, and retail properties. For detailed analysis of UDR’s growth trajectory and peer comparison, InvestingPro subscribers can access comprehensive research reports covering 1,400+ US stocks.
After leaving Brookfield, Clark founded Burnside Investments, a private investment company, and co-founded WatermanClark, a vertically integrated real estate investment and operating company. He previously served on the boards of General Growth Properties and Rouse Properties.
"Ric is a highly accomplished real estate executive with a proven ability to raise capital, invest strategically, and oversee the management of human capital," said Tom Toomey, UDR’s Chairman, President, and Chief Executive Officer.
UDR, an S&P 500 company, owned or had ownership positions in 60,535 apartment homes as of June 30, 2025, including 300 units under development. Ferguson Partners, a firm specializing in board and executive recruitment in the REIT industry, advised UDR on Clark’s appointment.
In other recent news, United Dominion Realty Trust Inc. (UDR) reported its Q2 2025 earnings, surpassing its high-end guidance for funds from operations as adjusted (FFOA) per share, and subsequently raised its full-year 2025 guidance. This strong financial performance highlights the company’s strategic direction and market position. In a notable management change, UDR announced that Joe Fisher has stepped down as President and Chief Investment Officer, with CEO Toomey assuming his responsibilities. Fisher will continue to assist with the transition until the end of 2025.
In another development, Clint D. McDonnough retired from UDR’s board of directors, prompting a reduction in the board size from nine to eight members. Regarding analyst insights, Cantor Fitzgerald initiated coverage on UDR with a Neutral rating and a $40.00 price target, indicating a potential upside. Meanwhile, Truist Securities lowered its price target for UDR from $46.00 to $43.00, maintaining a Hold rating, citing the company’s diversified portfolio amid shifting market conditions. These developments reflect ongoing adjustments within UDR as it navigates market dynamics and leadership changes.
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