Dive Brief:
- Joe Fisher stepped down from his position as UDR’s president and chief investment officer on Tuesday, according to a news release from the firm. He will provide transition assistance through the end of the year.
- Fisher had served as the Highlands Ranch, Colorado-based REIT’s president since 2022 and CIO since January 2025. Before that, he was UDR’s CFO from 2017 to 2025.
- UDR’s board of directors appointed Chairman and CEO Tom Toomey as the company’s president. Other members of the REIT’s management team will assume Fisher’s other responsibilities, per the release.
Dive Insight:
Haendel St. Juste, managing director of REITs for investment bank Mizuho Securities, said in a research note shared with Multifamily Dive that UDR did not cite specific reasons for Fisher’s departure on a call with his firm.
“The announcement caught us/investors by surprise, and we expect the stock to be weak tomorrow [Wednesday, Sept. 3] given Fisher's tenure, credibility and key roles held at UDR since joining as CFO in 2017,” St. Juste wrote in the note.
UDR told St. Juste that Fisher’s departure was "amicable" and not due to a disagreement. The move had been in the works for months. The former CIO’s separation agreement calls for an immediate severance payment of $3 million and an additional $3 million payable over 12 months, St. Juste wrote.
“As for why now, the timing reflects UDR's desire to formalize the move before the September conference season,” St. Juste wrote.
Fisher had been expected to succeed Toomey, leaving the REIT’s succession plans up in the air, according to St. Juste.
“We also believe Fisher's departure suggests that current CEO Toomey is likely to remain in the CEO seat for another three-to-five-plus years, though we note Toomey is not currently on a multi-year contract,” St. Juste wrote.
In the news release announcing his departure, Fisher commented that “the decision did not come easily,” but UDR was in a great position for success. Toomey said that UDR was grateful for Fisher’s contributions.
“Joe made significant contributions across the organization since joining UDR in early 2017 and will be missed,” Toomey said in the release.
Despite beating expectations in the second quarter, UDR will have to deal with a slowing rental market for the remainder of the year. Replacing Fisher will place yet another challenge in front of the management team.
“UDR faces seasonal headwinds [as demand cools and rent growth slows], decelerating same-store revenue in 2026, and slowing macro/job growth that may impact future demand/pricing,” St. Juste wrote.
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