UDR, Inc. (NYSE: UDR), a leading multifamily real estate investment trust, has appointed Richard "Ric" B. Clark to its Board of Directors, effective October 3, 2025. Mr. Clark will serve as an independent director and has been appointed to the Nominating and Governance Committee and the Audit and Risk Management Committee. His appointment follows the departure of two long-tenured directors earlier in 2025, executed under the Board of Directors' long-term succession plan with respect to director refreshment, expanding the Company's Board to nine members.
Mr. Clark brings with him more than four decades of real estate investment and capital markets experience. From 1984 to 2021, he served 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. Under his leadership, Brookfield's real estate group grew its assets under management from $5 billion to more than $200 billion and expanded its capabilities beyond the office sector into multifamily, industrial, hotel, and retail. Subsequently, Mr. Clark founded Burnside Investments, a private investment company, and co-founded WatermanClark, a vertically integrated real estate investment and operating company. He also previously served on the boards of General Growth Properties and Rouse Properties.
Ferguson Partners, a firm specializing in board and executive recruitment in the REIT industry, advised UDR on the appointment of Mr. Clark.
As of June 30, 2025, UDR owned or had an ownership position in 60,535 apartment homes, including 300 apartment homes under development. The company has a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing, and redeveloping attractive real estate properties in targeted U.S. markets.
UDR's Chairman, President, and Chief Executive Officer, Tom Toomey, expressed his delight in welcoming Mr. Clark to the Board, highlighting his proven ability to raise capital, invest strategically, and oversee the management of human capital. Mr. Toomey emphasized that Mr. Clark's experience in growing and leading one of the world's largest and most respected real estate companies will further support the long-term success of UDR.
Mr. Clark's appointment to the Board of Directors comes at a significant juncture for UDR, as it continues to navigate the multifamily real estate market and pursue its strategic objectives. As a result of these announcements, the company's shares have moved 0.28% on the market, and are now trading at a price of $36.13. If you want to know more, read the company's complete 8-K report here.
