UDR Names Scott McCallum Chief Investment Officer, Hiring Blackstone Managing Director

DENVER — UDR, Inc. (NYSE: UDR), a multifamily real estate investment trust, announced Oct. 14 that Scott McCallum will join the company as Executive Vice President and Chief Investment Officer, effective Nov. 5, 2026. McCallum will report to Thomas W. Toomey, UDR's Chairman, President and Chief Executive Officer.

McCallum joins UDR from Blackstone Inc., where he most recently served as a Managing Director in the Real Estate Group.

Scott McCallum's Background at Blackstone and in Real Estate Investing

McCallum brings a decade of experience in real estate investments across several property types, including his current role focused on new investment opportunities in the multifamily sector. He joined Blackstone, which describes itself as the world's largest alternative asset manager with more than $1.3 trillion in assets under management, in 2017.

At Blackstone, McCallum worked on real estate investments in both Canada and the United States, as well as other transactions that contributed to the growth of the firm's residential platforms in North America. Before joining Blackstone, he was an officer in the U.S. Navy. He graduated from the United States Naval Academy with a bachelor's degree in honors economics and an Arabic minor.

UDR Leadership Comments on the Appointment

"Scott is a seasoned executive with an exceptional blend of investment and strategic insight. He is well positioned to lead our investment team," Toomey said. "His deep experience in real estate investments and transactions and proven leadership will further enhance our data driven platform capabilities. We are excited to welcome Scott to the team."

McCallum said, "I am honored by the opportunity to serve as UDR's Executive Vice President - Chief Investment Officer and lead an extremely talented and motivated team."

UDR's Recent Investment Activity

McCallum will oversee investment decisions at a company that has been both selling and acquiring assets this year. During the first quarter, UDR sold four communities totaling 1,159 apartments for $362 million. It subsequently acquired a 232-unit community in Portland through the liquidation of a debt and preferred-equity joint venture, and acquired three communities totaling 584 apartments through the liquidation of prior joint-venture interests.

UDR also began development of the 385-unit 4848 at Alex West project in Northern Virginia, with an estimated development cost of $181.3 million, or about $471,000 per apartment.

As of June 30, 2026, UDR owned or had an ownership position in 60,259 apartment homes, including 685 under development. The company is an S&P 500 constituent and has operated for more than 54 years.

Second-Quarter Performance and Multifamily Market Conditions

UDR's second-quarter 2026 results showed same-store blended lease-rate growth above the high end of the company's prior guidance range of 1.5% to 2.0%. Same-store occupancy remained in the mid-96% range, and annualized resident retention reached a seasonally adjusted record of 60%. UDR raised its full-year 2026 funds-from-operations guidance after the quarter's results exceeded expectations.

Total revenue was flat year over year, as same-store and acquired-community growth was offset by revenue removed from properties sold. Performance varied by region: the Northeast posted 3.0% same-store revenue growth and 97.0% occupancy, while the Mid-Atlantic recorded 1.6% revenue growth and 96.6% occupancy. The Washington, D.C., region was weaker, with a slight occupancy decline tied to reduced federal employment.

National apartment fundamentals improved in the first half of 2026. CBRE reported 167,500 units of net absorption in the second quarter, up from 84,300 in the first quarter, and a national multifamily vacancy rate of 4.3%, down 50 basis points quarter over quarter and below its approximate 5.0% long-term average. Average monthly rent rose 0.5% year over year and 1.5% quarter over quarter to $2,257. Northmarq reported a 5.7% national vacancy rate at midyear, down 20 basis points during the first half, with average U.S. rent up 1.2% over the same period.

UDR management has cited stronger-than-expected employment, renter affordability advantages relative to homeownership and an easing pipeline of new apartment deliveries as supports for the sector.

What the Hire Means for UDR's Investment Team

The appointment places McCallum in charge of UDR's investment team as the company continues to recycle capital, restructure joint ventures and commit to new development. UDR describes its acquisition strategy as targeting high-growth markets and using market data and operating expertise to create value. Toomey said McCallum's experience would enhance the company's data-driven platform capabilities.

Sources

• UDR, Inc. Announces Appointment of Scott McCallum as Executive Vice President – Chief Investment Officer (UDR Investor Relations / Business Wire, Oct. 14, 2026)