UDR Provides Board of Directors Update
UDR, Inc., a leading multifamily real estate investment trust, has announced key changes to its Board of Directors ahead of its upcoming Annual Shareholder Meeting. James “Jim” D. Klingbeil, a longstanding board member, has decided not to seek re-election and will step down at the end of his current term. He will also relinquish his role as Lead Independent Director. In light of this transition, the Board has elected Jon A. Grove, an existing board member, as the next Lead Independent Director. Additionally, Mr. Klingbeil has been appointed as Chairman Emeritus, effective upon the expiration of his term.
James D. Klingbeil’s Legacy at UDR
Mr. Klingbeil has played a pivotal role in UDR’s evolution since joining the Board in 1998. His tenure with the Company began when American Apartment Communities II, where he served as Chairman and Chief Executive Officer, merged with UDR. Over the years, he has held several leadership positions, including Vice Chairman from 2000 to 2010, Chairman of the Board from 2010 to 2017, and most recently, Lead Independent Director since 2018. His decades of leadership and industry expertise have been instrumental in guiding UDR through key strategic growth phases.
Beyond his role at UDR, Mr. Klingbeil has had a distinguished career in multifamily real estate and investment. He has served as Chairman and CEO of Klingbeil Capital Management and the Klingbeil Company, both of which specialize in acquiring, developing, and operating multifamily housing assets. His influence extends across the real estate industry, having held prominent roles, including serving as Chairman and a lifetime member of the Board of Trustees of the Urban Land Institute (ULI). Additionally, he has contributed to the ULI Foundation Board, further cementing his reputation as a leader in the field.
Reflecting on Mr. Klingbeil’s contributions, Tom Toomey, UDR’s Chairman and CEO, stated, “Jim is a legend in the real estate industry, and UDR has greatly benefitted from his knowledge, experience, and guidance over the past 27 years. His leadership and strategic insights have been invaluable in shaping UDR into the highly respected blue-chip company it is today. While we will miss his presence on the Board, we are grateful for his continued guidance as Chairman Emeritus.”
In response, Mr. Klingbeil shared his appreciation for the opportunity to serve, stating, “My thanks go out to Tom, Executive Leadership, and my fellow Board members for allowing me to be an independent voice throughout UDR’s evolution. The Company’s commitment to innovation and value creation is evident in every strategic initiative it undertakes. I have no doubt that UDR’s exceptional leadership and governance will continue to drive its success in the years ahead.”
Jon A. Grove Appointed as Lead Independent Director
With Mr. Klingbeil stepping down, Jon A. Grove has been selected to take on the role of Lead Independent Director. Mr. Grove has been an integral part of the UDR Board and is widely respected for his expertise in corporate governance and real estate investment.
Expressing his gratitude for the appointment, Mr. Grove said, “I am honored that my fellow Directors have elected me to serve as UDR’s next Lead Independent Director. I look forward to working closely with UDR’s Executive Leadership team to drive value for our shareholders while maintaining the highest standards of corporate governance.”
Mr. Grove’s extensive background in real estate and investment strategy makes him well-suited for this leadership position. His experience will help guide UDR’s continued growth and success, ensuring the Company remains a leader in the multifamily housing sector.
UDR’s Commitment to Leadership and Innovation
UDR, Inc. has long been recognized for its strong leadership and innovative approach to real estate investment. As an S&P 500 company, UDR has built a solid reputation by successfully managing, acquiring, developing, and redeveloping high-quality apartment communities in key U.S. markets.
Since its inception, the Company has focused on delivering value to its shareholders while maintaining an unwavering commitment to excellence in property management. As of December 31, 2024, UDR owned or held an ownership interest in 60,120 apartment homes, reflecting its scale and market influence.
Under the leadership of Tom Toomey and a highly experienced Board, UDR has embraced a forward-thinking strategy that emphasizes sustainability, technological innovation, and customer-centric solutions. The Company’s commitment to excellence extends beyond its real estate portfolio; it is also reflected in its corporate governance practices, which prioritize transparency, accountability, and long-term stakeholder value.
