UDR, Inc. management check
UDR · Real Estate · Multi-Family Residential REITs · CEO Thomas W Toomey
Filings as of
3 good · 3 to watch · 1 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $115, against $130 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.97 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
2.5% of net income$9.9m of reported pay in fiscal 2025, against $403.7m of net income.
- Watch
Do they own the stock?
CEO stake ≈ 3.2 years of payThe CEO holds 810,455 shares, directly or through trusts (unvested awards not counted): about 3.2 years of pay. Light activity: no buys, $3.1m sold in six months.
- Flag
Are owners being diluted?
Share count growingDiluted shares changed +0.3% a year over the last three fiscal years. Stock-based pay was 233.1% of revenue in the latest year.
- Good
Is leadership stable?
9 leadership filings in 3 yearsCEO in the pay table: Mr. Toomey. 9 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Real Estate.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 36 | 45 | |
| Pay for performance | 99 | 86 | |
| CEO cost | 18 | 23 | |
| Skin in the game | 60 | 32 | |
| Dilution | 20 | 23 | |
| Stable leadership | 80 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Multi-Family Residential REITs, by management score. UDR, Inc. is 17th of 29 in its sector.
Pay versus performance
From the proxy statement filed April 2, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Mr. Toomey | $9.9m | $3.6m | $4.6m | $115 | $130 | $403.7m |
| 2024 | — | $10.2m | $15.8m | $4.1m | $131 | $142 | $95.9m |
| 2023 | — | $11.8m | $6.2m | $3.7m | $111 | $118 | $474.5m |
| 2022 | — | $8.1m | −$11.9m | $4.4m | $107 | $111 | $92.6m |
| 2021 | — | $14.2m | $48.5m | $2.0m | $161 | $164 | $161.0m |
The board says pay is tied most to FFOA. Its other key measures: Same-Store Revenue, Same-Store NOI, GRESB scores.
Insiders and the CEO's stake
Thomas W Toomey (Chairman, President and CEO) held 810,455 shares directly after their latest Form 4 on Jun 5, 2026, roughly $31.8m at that filing's price.
Light activity: no buys, $3.1m sold in six months.
- SoldThomas W ToomeyChairman, President and CEO$3.1mJun 5, 2026
Leadership and governance on file
- Jan 5, 2026Leadership change8-K 5.02
- Oct 7, 2025Leadership change8-K 5.02
- Sep 2, 2025Leadership change8-K 5.02
- Aug 4, 2025Leadership change8-K 5.02
- Jun 23, 2025Leadership change8-K 5.02
- Jan 2, 2025Leadership change8-K 5.02
- Mar 14, 2024Leadership change8-K 5.02
- Feb 20, 2024Leadership change8-K 5.02
- Nov 28, 2023Leadership change8-K 5.02
- May 23, 2022Leadership change8-K 5.02
- Dec 7, 2021Leadership change8-K 5.02
Latest shareholder vote results: May 27, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $2.8bn returned to owners in buybacks and dividends, 242% of net income, and $141.6m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $6.1m | $5.0m | $6.8m | $8.3m | $11.4m |
| Net income | $150.0m | $86.9m | $444.4m | $89.6m | $377.7m |
| Stock-based pay | $22.1m | $27.5m | $32.9m | $32.6m | $26.5m |
| Buybacks | — | $49.0m | $25.0m | — | $117.8m |
| Dividends | $433.8m | $483.6m | $539.9m | $558.5m | $567.9m |
| Diluted shares | 302m | 323m | 329m | 330m | 331m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.