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DENVER - UDR, Inc. (NYSE:UDR), a $14.4 billion market cap multifamily REIT with a 4.35% dividend yield, announced that Joe Fisher has stepped down from his positions as President and Chief Investment Officer effective September 2, 2025.
The S&P 500 multifamily real estate investment trust said Fisher will provide transition assistance through December 31, 2025, as part of his separation agreement.
The company’s Board of Directors appointed Chairman and CEO Tom Toomey to take on the additional role of President. Toomey and other senior management team members will assume Fisher’s responsibilities.
Fisher had served as UDR’s President since 2022 and as Chief Investment Officer since January 2025. Prior to these roles, he was the company’s Chief Financial Officer from 2017 to 2025.
"Joe made significant contributions across the organization since joining UDR in early 2017 and will be missed," Toomey said in the press release statement.
Fisher commented on his departure: "I am thankful for my time with UDR and what we accomplished over the last 9 years to drive shareholder value and deepen the Company culture."
UDR owns or has ownership positions in 60,535 apartment homes, including 300 units under development, as of June 30, 2025, according to the company.
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. The company has raised its full-year 2025 guidance, indicating a positive outlook for the remainder of the year. In analyst updates, Truist Securities adjusted its price target for UDR to $43 from $46, while maintaining a Hold rating, citing the company’s diversified multifamily portfolio amid changing market conditions. Additionally, UDR announced the retirement of director Clint D. McDonnough, resulting in a reduction of the board from nine to eight members. The company clarified that McDonnough’s departure was not due to any disagreements with its operations or policies. These developments underscore UDR’s ongoing strategic adjustments and financial performance.
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