The search for new Chief Financial Officer (CFO) and Senior
Vice President at Denver, Colorado-based multifamily real estate
investment trust (REIT),
UDR, Inc. (
, has finally came to an end with the appointment of Tom Herzog.
He will take over the reins effective January 1, 2013.
Tom Herzog succeeded David Messenger, who resigned from the post
on May 31, 2012, for another opportunity outside the company.
Messenger served the company as CFO between June, 2008, to May,
2012, and as Senior Vice President since January 2007.
Herzog has held top executive posts at many industry giants.
Prior to joining UDR, he served a real estate investment private
company called Amstar as CFO. He also served as CFO for four
years at one of the competitors of UDR,
Apartment Investment & Management Co. (
, popularly known as Aimco. Herzog's REIT experiences also
include two years as CFO at
HCP, Inc. (
- a hybrid REIT firm.
We believe that Herzog's comprehensive sector know-how and
expertise will prove beneficial for UDR. We expect the company to
reach new heights benefitting from his proficiency in strategic
As a point of reference, the American REIT industry has recently
gone through vital top executive changes. Recently, a leading
REIT financial services firm,
CBRE Group Inc. (
appointed Robert E. Sulentic as their new CEO with the retirement
of its existing CEO. Also, CBRE's rival -
Jones Lang LaSalle Inc. (
- announced the transition of two senior personnel.
UDR engages in management, acquisition, dispositions, development
and redevelopment of attractive real estate properties in
targeted U.S. markets. As of September 30, 2012, UDR owned or has
ownership interests in 54,985 apartment homes, which includes
2,441 homes under construction.
UDR is expected to release its fourth-quarter 2012 results on
February 4, 2013. The Zacks Consensus Estimate for fourth quarter
FFO (fund from operations) is currently pegged at 34 cents per
We have a long-term Neutral recommendation on UDR. Also, it holds
a short-term Zacks #3 Rank (Hold).
Note: FFO, a widely accepted and reported measure of the
performance of REITs is derived by adding depreciation,
amortization and other non-cash expenses to net income.
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