UDR, Inc. Publishes Sixth Annual Environmental, Social, and Governance ("ESG") Report
UDR, Inc. (the "Company") (NYSE:UDR), a leading multifamily real estate investment trust, today announced the publication of the Company's sixth annual ESG Report, which can be accessed on the updated ESG section of the Company's website at https://www.udr.com/esg/. The report summarizes the Company's ESG achievements in calendar year 2023 and details the Company's progress towards its enhanced ESG goals.
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"I am proud of the sustainability accomplishments we have made through our ongoing commitment to fostering an innovative and adaptive culture and adherence to our comprehensive ESG strategy," said Tom Toomey, UDR's Chairman and CEO. "I give special thanks to our Sustainability Team and all of my fellow UDR associates for their integral role in delivering economically viable ESG benefits to our stakeholders."
Taking into consideration feedback from the Company's associates and a variety of stakeholders including stewardship and investment teams at large and small investment firms, governance groups, and ESG monitoring services, UDR implemented a variety of enhancements to its ESG initiatives, disclosures, and processes in 2022, 2023, and 2024. A sample of the Company's numerous ESG achievements presented within its most-recent ESG Report include:
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Environmental Highlights:
- Reduced Scope 1 and 2 emissions intensity by 20% since 2020, which is halfway towards the Company's emissions reduction target of 40% by 2035.
- Procured 30% of operationally controlled electricity through renewable energy sources in 2023.
- Completed Sustainability Certification of seven additional apartment communities, increasing the Company's sustainably certified property count to 36 (representing nearly 20% of the Company's portfolio).
- Committed to investing an additional $10 million into strategic ESG and Climate Technology Funds in early 2024, bringing the Company's total commitment to $30 million.
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Social Highlights:
- Achieved an associate turnover rate of 22% in 2023, which is eighteen percentage points lower than the industry standard of 40% (based on National Association of Real Estate Investment Trusts ("NAREIT") and CEL data) and a six percentage point improvement versus 2022.
- Built a new talent development strategy to align talent with the needs of the Company, including advancing the strategy to identify, assess, and develop successors for key executive officers.
- Increased impactful communication with associates through quarterly associate pulse surveys and monthly HR newsletters to improve opportunities for associate feedback.
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Governance Highlights:
- Expanded the Company's already robust social governance framework with the addition of a Director of Talent Management to enhance our already strong corporate culture and talent acquisition and retention programs through more focused engagement with associates.
- Augmented senior leadership's Short-Term Incentive Program compensation targets to better align with important ESG priorities.
Additional details on UDR's corporate responsibility efforts, goals, and measurable ESG outcomes can be found in the Company's sixth annual ESG Report and on its updated ESG website.
About UDR, Inc.
UDR, Inc. (NYSE:UDR), an S&P 500 company, is a leading multifamily real estate investment trust with 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. As of June 30, 2024, UDR owned or had an ownership position in 60,126 apartment homes. For over 52 years, UDR has delivered long-term value to shareholders, the best standard of service to residents and the highest quality experience for associates.
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