UDR, Inc. (NYSE: UDR), a leading multifamily real estate investment trust, has announced the release of its sixth annual ESG Report, available on the updated ESG section of the Company’s. The report highlights UDR’s ESG achievements for the 2023 calendar year and provides an update on the Company’s progress toward its enhanced ESG goals.
“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. “Special thanks go to our Sustainability Team and all of my fellow UDR associates for their integral role in delivering economically viable ESG benefits to our stakeholders.”
Based on feedback from associates and stakeholders, including stewardship and investment teams, governance groups, and ESG monitoring services, UDR has implemented a range of enhancements to its ESG initiatives, disclosures, and processes over the past few years. Some key ESG highlights from the latest report include:
Environmental Highlights:
- Reduced Scope 1 and 2 emissions intensity by 20% since 2020, reaching halfway toward the Company’s target of a 40% reduction by 2035.
- Sourced 30% of operationally controlled electricity from renewable energy in 2023.
- Achieved Sustainability Certification for seven additional apartment communities, bringing the total 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, raising the Company’s total commitment to $30 million.
Social Highlights:
- Achieved an associate turnover rate of 22% in 2023, significantly below the industry standard of 40% and a six-percentage-point improvement from 2022.
- Developed a new talent strategy to align with the Company’s needs, including succession planning for key executive roles.
- Enhanced communication with associates through quarterly pulse surveys and monthly HR newsletters to foster more opportunities for feedback.
Governance Highlights:
- Strengthened the social governance framework with the addition of a Director of Talent Management to enhance corporate culture and talent acquisition and retention.
- Adjusted senior leadership’s Short-Term Incentive Program to better align with key ESG priorities.
More information on UDR’s ESG efforts, goals, and measurable outcomes can be found in the full ESG report and on the updated ESG section of the Company’s 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.
